Silence Laboratories, a startup specializing in cryptographic security infrastructure, has successfully secured a $4.1 million funding round. This recent investment, co-led by Pi Ventures and Kira Studio, brings the total funding raised by the company to $6 million, including contributions from angel investors. The startup plans to utilize this funding to expand its teams and further enhance its research and development efforts.
Key Takeaway
Silence Laboratories has raised $4.1 million in funding to further develop its cryptographic security infrastructure, utilizing multiparty computation to protect sensitive data.
The Technology Behind Silence Laboratories
Silence Laboratories utilizes multiparty computation (MPC) to build infrastructure that helps enterprises safeguard their data, ensuring privacy and security. This subset of cryptography allows multiple parties to collaborate on processing without exposing sensitive and private information to other participating parties.
Founding and Evolution
Established in 2021 by Dr. Jay Prakash (CEO), Dr. Andrei Bytes (CTO), and Dr. Tony Quek, Silence Laboratories emerged as a spinoff from over a decade of research and development in applied cryptography and application security. Initially focused on multifactor authentication (MFA), the company transitioned its business to become a cryptographic security firm.
Addressing Data Privacy Concerns
With growing consumer concerns over data privacy and increasing regulatory requirements, large corporations are under pressure to manage and protect the data they collect from potential leaks by hackers. Silence Laboratories aims to address these challenges by providing solutions that enable richer collaborations while ensuring data privacy and security.
Products and Customers
The startup offers two products leveraging MPC technology: Silent Shard and Silent Compute. These products enable enterprises to limit the risk of exposing sensitive private keys, implement advanced authorization rules, and collaborate on processing information without revealing private data to third parties. Silence Laboratories operates on a business-to-business (B2B) licensing model, catering to digital assets enterprises, financial and healthcare organizations, and telecommunication companies.
Market Outlook
The market for privacy-enhancing technologies, such as MPC, is projected to grow significantly, with a forecasted valuation of $25.8 billion by 2033. With its deep expertise in cryptography, Silence Laboratories is poised to make significant contributions to privacy and authentication infrastructure, particularly in conjunction with blockchain and fintech applications.
