Israeli startup Dyadic Security, which provides cloud-based Software-Defined Cryptography (SDC) announced today the completion of a $12 million Series B funding round
Dyadic Security’s technology removes the single point of failure of security by sharing cryptographic keys over two or more servers, and carrying out cryptographic operation without ever recombining them.
founded in 2013 by CEO Avner Mor, Nigel Smart and Yehuda Lindell, world-renowned cryptography experts and a strong team of applied crypto software engineers. Dyadic has created the world’s first SDC technology, called Dyadic vHSM (virtual Hardware Security Module).
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The company based in Petach Tikva, Israel, has office in and New York, and has 20 employees.
Their patent pending technology is based on decades of research in the field of secure multiparty computation. Even if all but one of the servers is completely compromised, cryptographic keys are still completely protected. Thus, the damage of server breach is greatly mitigated.
The latest financial round led by Goldman Sachs Principal Strategic Investments, Citi Ventures and Eric Schmidt’s Innovation Endeavors. The funding will be used to expand Dyadic’s sales and marketing operations in North America. As part of the investment, Innovation Endeavors’ Yuval Shachar has been named chairman of the Dyadic Board of Directors.
Dyadic Security CEO Avner Mor said, “Dyadic has changed the game for financial institutions and enterprise companies in how they protect sensitive data assets. Based on decades of research in Multiparty Computation (MPC), our MPC-based technology helps our customers overcome the tremendous security and compliance challenges they face as they make the transition to a cloud-based infrastructure.”
Dyadic vHSM enables enterprises to shift away from their reliance on dedicated secure hardware such as Hardware Security Modules (HSM), smartcards and hardware tokens, which are physical devices in which digital keys are stored, to virtual modules that allow them to securely store, manage and use their cryptographic keys on any platform, from servers and laptops to smartphones and IoT devices – on premises or in the cloud.
Today, Dyadic’s products are deployed around the world in several leading Fortune 500 companies.