CipherMode Labs raises $6.7 million and launches CipherCore
CipherMode Labs announced that it has closed a $6.7 million seed funding round led by Innovation Endeavors with participation from Pillar VC, the National Science Foundation and several technology leaders.
CipherMode also announces the release of its open-source platform that allows software developers and data scientists to analyze encrypted data while maintaining data privacy during the process. The platform aims to accelerate the adoption of secure computing technology as it enables anyone to use secure computing without having any knowledge of cryptography.
“Organizations spend huge amounts of money securing their data, which leads to data underutilization,” said Sadegh Riazi, co-founder and CEO of CipherMode Labs. “Solutions are emerging on the market to solve this problem, but they are either too slow or difficult to use. CipherMode is the best of both worlds – cryptographic security guarantees with comprehensive data utilization so organizations can mitigate risk while growing their business with AI and analytics. With breakthroughs in performance, ease of use, and compute breadth, including a patent for our core technology, we believe CipherMode will enable a new generation of data-driven organizations.
CipherMode is a data usage and sharing platform that maintains data privacy even during the computation itself. This is possible through the use of CipherMode’s state-of-the-art encryption which allows computing on encrypted data without decryption.
Along with increased security, businesses will be able to seamlessly operate their data across different organizations or jurisdictions while staying compliant and protecting against data breaches. Additionally, CipherMode enables secure collaboration between multiple companies. Applications range from co-marketing to drug discovery to fraud detection.
- Easy to use tool – no cryptography knowledge needed
- Fastest calculation times compared to public benchmarks
- Production-grade solution built with provable security guarantees, developed in Rust
- No added noise or trusted hardware required
- Post-quantum security
“Traditionally, privacy-enhancing computational techniques have been hampered by terrible development experiments, unusable performance, and statistical inaccuracies that limit usefulness,” said Davis Treybig, director of Innovation Endeavors. “CipherMode is poised to revolutionize this process because its core technology lays the foundation of trivial simplicity for performing computations on sensitive data efficiently and without loss of precision.”
Launch of the CipherCore open source library
CipherCore is the world’s fastest and easiest-to-use in-use data encryption solution that uses a secure mixed multiparty computing protocol approach to optimize usability. It is designed for a wide audience, so no cryptography expertise is required. Using CipherCore, a developer or data scientist can encrypt data that can still be analyzed – without decryption – enabling privacy-preserving data sharing. CipherCore will be open sourced under the Apache License for broad community use.
“We are very excited to release CipherCore as a contribution to the open source community,” said Ilya Razenshteyn, co-founder and CTO of CipherMode Labs. “We believe this technology is a key part of next generation computing and we want to get it into the hands of developers as soon as possible. This library has been in development for a long time and we are very proud to share it with the world. Ilya said.