Israeli startup Duality Technologies, a provider of privacy-enhanced data collaboration cybersecurity solutions, raised a $30 million in Series B funding round, led by LG Technology Ventures. The round brings Duality Technologies’ total funding to date $49 million. Duality’s tech utilizes homomorphic encryption.
Homomorphic encryption is a type of encryption that allows a user to conduct computations on encrypted data without first decrypting the data. This means that the computations that a user makes remain the encrypted form which, so that when they are decrypted they result in an identical output to what would have been produced had the operations been performed on the unencrypted data.
This is safer than first decrypting the data and then re-encrypting the final results. That is because the secured data always remains in its encrypted state, making it less vulnerable to hackers who may have hacked into the system on which the computations are made.
Founded in 2016, Duality Technologies offers Privacy Enhancing Technologies (PETs). Its Duality SecurePlus, a PET platform, combines advanced Homomorphic Encryption and data science, enabling organizations to collaborate on data and derive insights without exposing their sensitive data. Duality’s products are used by companies across regulated industries including financial services, healthcare, telecommunications and more. Duality was recently selected by the World Economic Forum as 2021 Tech Pioneer. For more information, please visit dualitytech.com.
Homomorphic encryption can be used for privacy-preserving outsourced storage and computation. This allows data to be encrypted and out-sourced to commercial cloud environments for processing, all while encrypted.
Cybersecurity firms are really bringing in the money these days. And investors certainly have reason to believe that cybersecurity will bring them their best return on investment. Neosec is a new Israeli cybersecurity startup that has recently revealed itself, coming out of stealth mode. A few weeks ago Neosec completed its Series A fundraise with a total investment of $20.7 million. It is somewhat ironic to hear that a cybersecurity firm has come out of its “stealth mode.”
Last month, Snyk, an Israeli cybersecurity startup in the field of cloud native application security hit an $8.7 billion valuation. And Snyk has yet to even make its formal exit.
Duality is excited to announce our $30M series B funding!
Welcome to our new investors: @lgventures @nationalbank & Euclidean Capital, who are joining @team8group @intelcapital @HearstVentures
Read more about our vision here >> https://t.co/NZCvkHSFPz pic.twitter.com/rfwb0FFeQB
— Duality Technologies (@DualityTech) October 5, 2021
“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,” said Dr. Alon Kaufman, CEO and Co-Founder, Duality Technologies. “Duality’s collaborative, secure computing solutions offer a way out of this impasse by making data usable while keeping it protected. Companies and organizations recognize that embracing privacy-preserving technology is becoming a core business need, giving them a competitive edge while protecting their sensitive data assets. We are excited by this round of financing led by LG Technology Ventures and are empowered by our new and existing investors’ shared vision of the transformational impact of Privacy-Enhancing Technologies on the future of data collaboration and AI.”