PRESS RELEASE
SINGAPORE – twenty ninth February 2024 — Within the fashionable age, giant firms are wrestling to leverage their clients’ knowledge to offer ever-better AI-enhanced experiences however a key barrier to leveraging this chance is mounting public concern round knowledge privateness, as ever-greater knowledge processing poses dangers of information leaks by hackers and malicious insiders.
Silence Laboratories is on a mission to create infrastructure to allow complicated knowledge collaborations between enterprises and entities, with none delicate data being uncovered to the opposite participating events. Silence Laboratories right this moment broadcasts it has raised an extra $4.1 million funding spherical led by Pi Ventures and Kira Studio, together with a number of distinguished angel buyers.
Leveraging fashionable cryptography, the corporate already has one of many quickest distributed signature (authorization) libraries in manufacturing (Silent Shard), which has been audited by among the finest safety auditing firms likePath of Bits.
These libraries have led to the institution of robust partnerships with main digital asset infrastructure and protocol firms like BitGo, MetaMask, EigenLayer, Biconomy, and EasyCrypto.Merchandise on provide by the corporate embrace Silent Shard which permits enterprises and customers to restrict the danger of exposing delicate non-public keys and permits superior authorisation guidelines to be put in place. Moreover, the newly launched Silent Compute product permits completely different organisations to collaborate on processing data with no need to reveal their secrets and techniques and knowledge to 3rd events and enrich insights whereas sustaining compliance and belief. Each the merchandise makes use of multi-party computation (MPC) as its core cryptographic primitives. Commenting on the announcement, Silence Laboratories CEO and founder Dr. Jay Prakash mentioned: “In right this moment’s digital ecosystem, belief, and privateness should not merely choices however imperatives for sustainable progress. With this new injection of funds, Silence Laboratories is poised to redefine privateness by enabling companies to completely embrace the facility of AI whereas rigorously defending their most important asset – buyer belief. Our privacy-enhancing applied sciences guarantee that collaboration and innovation can flourish in an surroundings the place the confidentiality and integrity of information are uncompromised.”
With the marketplace for privacy-enhancing applied sciences (PETs) rising globally at a compound annual progress charge of 26.6%, there may be rising demand for Silence Laboratories providing to offer mathematical ensures for techno-legal expectations. This might enable firms to work collectively on processing knowledge, with no need to share knowledge with the opposite occasion – permitting extra sectors to profit from new expertise, with much less threat.
Shubham Sandeep, Managing Director at Pi Ventures, commented: “Safe knowledge collaboration to allow privateness preserving compute is an ever rising downside particularly in extremely regulated domains corresponding to finance and healthcare. This requires options based mostly on zero belief cryptographic ensures as an alternative of counting on third occasion knowledge distributors who’re susceptible to safety breaches. The MPC infrastructure developed by the world class staff at Silence Laboratories is the quickest on this planet, simply configurable, software agnostic and supplies full management to the person. We’re excited to double down on our funding as we now have seen the improbable progress of the corporate during the last 18 months.”
The funding shall be used to scale the corporate’s tech & enterprise groups and enrich the corporate’s strong R&D pipeline. Based in 2021 by Dr. Jay Prakash (CEO), Dr. Andrei Bytes (CTO) and Dr. Tony Quek; the agency has additionally lately been increasing its international management staff throughout cryptography, infrastructure enterprise and engineering.
“The Silence staff is an incredible staff with deep cryptography experience and is engaged on a set of groundbreaking merchandise in privateness and authentication infrastructure and I’m actually excited to assist their journey. Privateness-preserving infrastructure mixed with blockchain and fintech rails goes to be large!” shared Anurag Arjun, from Kira Studio and Ex Co-founder of Polygon.
About Silence Laboratories
Began in 2021 by Dr. Jay Prakash (CEO) and Dr. Andrei Bytes (CTO), Silence Laboratories is a privateness tech firm that permits enterprises to undertake privacy-enhancing applied sciences by a novel fusion of cryptography and safety engineering. Their mission is to allow a world privacy-compliant collaboration infrastructure that may allow enterprises to collaborate, and trade inferences whereas eradicating all single factors of failure.The corporate has been based by a powerful technical and enterprise staff together with PhDs and researchers with earlier affiliations on the Massachusetts Institute of Know-how (MIT), USA; Singapore College of Know-how & Design (SUTD) & Nationwide College of Singapore (NUS); College of Illinois Urbana-Champaign (UIUC), globally top-ranked Seize The Flag (CTF) groups, and main tech firms.Study extra about their work: https://silencelaboratories.com
