Pyte Announces $5M in Funding To Advance Private and Secure Data Utilization and Collaboration For Every Enterprise
The latest funding will accelerate the commercialization of Pyte's secure computation platform for data utilization and collaboration
LOS ANGELES, June 12, 2024 /PRNewswire/ -- Pyte, the secure computation platform for data-first global enterprises, today announced $5 million in additional capital, bolstering its total funding to more than $12 million. The round was led by Myriad Venture Partners with participation from Innovation Endeavors, Liberty Mutual Strategic Ventures and Pillar VC, among others.
In today's interconnected business ecosystem, organizations increasingly rely on data collaboration to generate new insights and maximize results. In addition to existing use cases in marketing, advertising, and analytical processes, 40 percent of enterprises in an IDC global survey indicated that they are seeking to partner with other enterprises in a data exchange/data clean room in order to fuel their generative AI efforts. In each of these use cases, organizations need to protect the privacy of the data and the algorithms that are used to generate insights. The challenges in maintaining privacy, security, and compliance can significantly increase data storage and overall business costs.
"While companies across industries pursue data collaboration for various reasons – from consumer brands refining ad campaigns, to fintech enterprises revolutionizing digital payments – conventional data-sharing methods often compromise privacy, intellectual property (IP) and security by centralizing data into vulnerable environments or leaking data," said Sadegh Riazi, founder and CEO of Pyte. "With our patented Secure Multiparty Computation (SMPC) technology, enterprises can utilize, collaborate and run computations on sensitive data while guaranteeing the privacy and security of the data."
Pyte is the next generation secure computation solution for enterprises that want to utilize and collaborate on their sensitive data. The company's technology is the result of a decade's worth of research built upon advancements in cryptography. Pyte's proprietary SMPC technology makes it easy to run simple or complex artificial intelligence (AI) or machine learning (ML) computations on encrypted data, without the sensitive data ever needing to be moved or decrypted. This ensures IP safeguards and protection against leaks and sharing as enterprises leverage their data across cloud environments, partners and jurisdictions.
Companies worldwide face increasing challenges in leveraging their data assets due to growing privacy concerns and regulatory requirements. Stringent data protection regulations, such as the General Data Protection Regulation (GDPR), have led to increased costs and complexities associated with storing, processing and sharing sensitive data, putting companies within the policy's jurisdiction at a potential competitive disadvantage.
This latest funding will drive Pyte's efforts to commercialize its technology in new industries, with a primary focus on highly regulated sectors such as financial services and healthcare. Pyte empowers all enterprises to harness the full potential of their data through secure utilization and collaboration, without the burden of increased data management costs, ultimately leveling the playing field in the global data economy.
"The ability to safely collaborate and derive insights from sensitive data is increasingly critical for driving innovation, efficiency and competitive advantage in a data-centric economy," said Dean Mai, co-founder and managing partner for Myriad Venture Partners. "Pyte enables unprecedented levels of secure data collaboration, particularly in the industries where data security and compliance are paramount. This is a remarkable feat of cryptographic engineering, and we're excited about the immense value of data that organizations across industries will unlock with Pyte."
Mai will also join Pyte's Board of Directors, bringing deep experience in software and global operations, having led technology, investment and product incubation for multinationals and startups. He leads Myriad's domain focus in AI, data security and enterprise software.
In 2023, Pyte launched SecureMatch, its data collaboration platform that ensures customer data remains protected and encrypted throughout the computation process. Pyte achieved SOC 2 compliance for its platform, underscoring its robust data controls related to security, availability, processing integrity, confidentiality and privacy. Pyte SecureMatch was named a Major Player in 2024 IDC MarketScape for Worldwide Data Clean Room Technology, and the solution has gained traction among Fortune 100 companies for use cases spanning IP protection to consumer data enrichment.
"Data is the fuel of digital transformation, but it also comes with challenges of privacy, security, and trust. To maximize the value of its data, organizations must be prepared to share and analyze data with partners, customers, or competitors without compromising these data assets or exposing sensitive information," said Lynne Schneider, research director, Data as a Service & Data Marketplaces at IDC. "Pyte's solutions, utilizing advanced developments in cryptography, allow companies to pursue data collaboration opportunities with the confidence that the data will not be compromised."
To learn more about Pyte and its solutions, please visit www.pyte.ai.
About Pyte
Pyte is a secure data collaboration solutions provider. The company's cutting-edge technology allows for computation on encrypted data without decryption at any point in the data lifecycle, enabling enterprises to seamlessly leverage their data across cloud environments, partners, and jurisdictions while remaining privacy compliant and protecting against data breaches. Pyte's proprietary SMPC cryptographic technology is based on a decade of academic research by Pyte's co-founders Sadegh Riazi and Ilya Razenshteyn. The team consists of six PhDs, three of which are world-leading experts in secure computation, and three ICPC Gold Medalists. Headquartered in Los Angeles, Pyte has offices across North America and Europe. Visit us at www.pyte.ai.
About Myriad Venture Partners
Myriad Venture Partners is an early-stage venture firm defining the future of business solutions. Investing in visionary AI, clean technology, and B2B software leaders, Myriad brings decades of expertise and a robust corporate and financial partnership network. By connecting entrepreneurs, corporate partners, industry leaders, and co-investors, Myriad is changing the ways businesses operate, compete, and create value.
SOURCE Pyte
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