Data collaboration solutions startup Duality Technologies raises $30M
Data collaboration solutions startup Duality Technologies Inc. today announced that it has raised $30 million in new funding to expand its go-to-market operations, advance partnerships and further develop its technology.
LG Technology Ventures led the Series B round. Also participating in the round were Euclidean Capital, NAventures, Intel Capital, Hearst Ventures and Team8. Including the new funding, Duality Technologies has raised $49 million to date.
Founded in 2016 by world-renowned cryptographers and data scientists, Duality Technologies specializes in homomorphic encryption and data science through its Duality SecurePlus suite of secure data collaboration applications. Homomorphic encryption is a form of encryption that permits users to perform computations on its encrypted data without first decrypting it.
The company’s product suite addresses the specific business needs of organizations that collaborate with sensitive data while protecting their business interests and complying with data privacy regulations.
Duality SecurePlus allows organizations to collaborate on protected data and artificial intelligence models by keeping them encrypted during computation. The collaborating parties in a given project can securely run computations in any environment – whether their own, their partners’ or on a third-party cloud – without exposing sensitive data.
The service is said to enable enterprises to overcome challenges posed by growing data localization and privacy regulations. Being able to join forces across jurisdictions, businesses, science and security can leverage sensitive internal data for collaboration in today’s increasingly data-driven global economy. Duality offers privacy-enhanced applications for various use cases across regulated industries, such as financial services and healthcare.
Notable clients and partners include the National Institutes of Health, Bank of Nova Scotia, International Business Machines Corp., Intel Corp., Oracle Systems Inc. and the Defense Advanced Research Projects Agency.
With Oracle, Duality Technologies works with Oracle’s Financial Crime and Compliance Management to offer privacy-protected anti-money-laundering information sharing across financial institutions. With DARPA, Duality Technologies is developing an advanced hardware accelerator to enable privacy-preserving machine learning applications.
“The amount of data businesses possess has been multiplying exponentially, yet the breadth and depth of insights they can extract from it have not expanded at the same rate, mainly due to data silos caused by growing data privacy regulations and business barriers,” Dr. Alon Kaufman, co-founder and chief executive of Duality Technologies, said in a statement. “Duality’s collaborative, secure computing solutions offer a way out of this impasse by making data usable while keeping it protected.”
Image: Duality Technologies
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