New Capital: Additional $4.1 million funding round led by Pi Ventures and Anurag Arjun, along with several prominent angel investors.
- Growing Market: The global market for privacy-enhancing technologies (PETs) sees a compound annual growth rate of 26.6%.
- World-Leading Team: Founded by a strong business and technical team, including PhDs from world-leading universities, the company is growing its leadership team with strong talent.
Enable complex data collaborations
Silence Laboratories, on a mission to create infrastructure to enable complex data collaborations between enterprises and entities, without any sensitive information being exposed to the other engaging parties, has raised an additional $4.1 million funding round led by Pi Ventures and Kira Studio, along with several prominent angel investors.
Silence Laboratories will help large companies to leverage their customers’ data to provide ever-better AI-enhanced experiences.
Enable businesses to fully embrace the power of AI
According to Silence Laboratories CEO and founder Dr. Jay Prakash: “With this new injection of funds, Silence Laboratories is poised to redefine privacy by enabling businesses to fully embrace the power of AI while rigorously protecting their most vital asset – customer trust. Our privacy-enhancing technologies assure that collaboration and innovation can flourish in an environment where the confidentiality and integrity of data are uncompromised.”
Leveraging modern cryptography, the company already has one of the fastest distributed signature (authorization) libraries in production (Silent Shard), which has been audited by some of the best security auditing companies like Trail of Bits. These libraries have led to the establishment of strong partnerships with leading digital asset infrastructure and protocol companies like BitGo, MetaMask, EigenLayer, Biconomy, and EasyCrypto.
Limit the risk of exposing sensitive private keys
Products on offer by the company include Silent Shard which allows enterprises and users to limit the risk of exposing sensitive private keys and allows advanced authorisation rules to be put in place. Additionally, the newly launched Silent Compute product allows different organisations to collaborate on processing information without needing to expose their secrets and data to third parties and enrich insights while maintaining compliance and trust. Both the products uses multi-party computation (MPC) as its core cryptographic primitives.
With the market for privacy-enhancing technologies (PETs) growing globally at a compound annual growth rate of 26.6%, there is growing demand for Silence Laboratories offering to provide mathematical guarantees for techno-legal expectations. This would allow companies to work together on processing data, without needing to share data with the other party – allowing more sectors to benefit from new technology, with less risk.
Secure data collaboration
Shubham Sandeep, Managing Director at Pi Ventures, commented: “Secure data collaboration to enable privacy preserving compute is an ever growing problem especially in highly regulated domains such as finance and healthcare. This requires solutions based on zero trust cryptographic guarantees instead of relying on third party data vendors who are prone to security breaches. The MPC infrastructure developed by the world class team at Silence Laboratories is the fastest in the world, easily configurable, application agnostic and provides full control to the user. We are excited to double down on our investment as we have seen the fantastic progress of the company over the last 18 months.”
The funding will be used to scale the company’s tech & business teams and enrich the company’s robust R&D pipeline. Founded in 2021 by Dr. Jay Prakash (CEO), Dr. Andrei Bytes (CTO) and Dr. Tony Quek; the firm has also recently been expanding its global leadership team across cryptography, infrastructure business and engineering.
Deep cryptography expertise
“The Silence team is an amazing team with deep cryptography expertise and is working on a set of groundbreaking products in privacy and authentication infrastructure and I am really excited to support their journey. Privacy-preserving infrastructure combined with blockchain and fintech rails is going to be huge!” shared Anurag Arjun, from Kira Studio and Ex Co-founder of Polygon.