CipherMode Labs raises $6.7 million and launches CipherCore
CipherMode Labs announced it has closed $6.7 million in seed financing led by Innovation Endeavors with participation from Pillar VC, the National Science Foundation, and several technology executives.
CipherMode is also announcing the release of its open source platform that allows software developers and data scientists to analyze encrypted data while maintaining data confidentiality during the process. The platform is aimed to accelerate the adoption of secure computation technology since it allows anyone to use secure computation without having any knowledge of cryptography.
“Organizations spend huge sums of money to secure their data, which leads to underutilization of data,” said Sadegh Riazi, co-founder and CEO of CipherMode Labs. “Solutions are emerging in the market to solve this problem, but they’re either too slow or challenging to use. CipherMode is the best of both worlds — cryptographic security guarantees with full data usage so organizations can mitigate risk while growing their business through AI and analytics. With breakthroughs in performance, ease-of-use, and computation breadth, including a patent for our core tech, we believe CipherMode will enable a new generation of data-first organizations.”
CipherMode is a data utilization and sharing platform which preserves the confidentiality of data even during the computation itself. This is possible through the use of CipherMode’s cutting-edge encryption that allows for computation on encrypted data without decryption.
Aside from higher security, enterprises will be able to seamlessly leverage their data across different organizations or jurisdictions while remaining compliant and protecting against data breaches. In addition, CipherMode allows secure collaboration between multiple enterprises. Applications range anywhere from co-marketing to drug discovery to fraud detection.
Key benefits:
- Easy to use an implement – no cryptographic knowledge is needed
- Fastest computation times against public benchmarks
- Production quality solution built with provable security guarantees, developed in Rust
- No noise addition or trusted hardware required
- Post-quantum secure
“Traditionally, privacy-enhancing compute techniques have been bottlenecked by terrible developer experiences, unusable performance, and statistical inaccuracies that limit utility,” said Davis Treybig, Principal at Innovation Endeavors. “CipherMode is poised to revolutionize this process because its core technology lays the groundwork for making it trivially simple to run compute on sensitive data efficiently and without loss in accuracy.”
Launch of CipherCore open source library
CipherCore is the world’s fastest and easiest to use data encryption-in-use solution that utilizes a mixed secure multiparty computation protocol approach to optimize usage. It is designed for a wide-audience so no cryptographic expertise is required. Using CipherCore, a developer or data scientist can encrypt data that can still be analyzed — without decryption — which enables privacy-preserving data sharing. CipherCore will be open sourced under the Apache license for broad usage by the community.
“We’re very excited to release CipherCore as our contribution to the open source community,” says Ilya Razenshteyn, co-founder and CTO of CipherMode Labs. “Our belief is that this technology is a key enabler of the next generation of computing and we want to get it into developers hands as soon as possible. This library has been under development for a long time and we’re very proud to share it with the world.” says Ilya.