On June 12, 2024, the Los Angeles-based AI data security computing platformPyteannounced it has raised a new $5 million funding round, led by Myriad Venture Partners, with participation from Innovation Endeavors, Liberty Mutual Strategic Ventures, and Pillar VC.
The company plans to use the raised funds to accelerate the commercialization of its secure computing platform.
Founded in 2020, Pyte is a company providing data security collaboration solutions. Its cutting-edge technology allows computations on encrypted data without decryption, enabling enterprises to seamlessly leverage their data while maintaining privacy compliance and preventing data breaches. Pyte's proprietary secure multi-party computation (SMPC) cryptography technology is based on a decade of academic research by co-founders Sadegh Riazi and Ilya Razenshteyn, and can easily run simple or complex artificial intelligence (AI) or machine learning (ML) computations on encrypted data without moving or decrypting sensitive data. The team consists of six PhDs, three of whom are world-leading experts in secure computing, as well as three ICPC gold medalists.
(Source:PR Newswire）