Pyte provides a computation platform for data-first global enterprises that enables computation on encrypted data without decryption at any point in the data lifecycle. Its proprietary SMPC technology allows AI and ML computations on encrypted data so sensitive data never needs to be moved or decrypted. This approach is designed to ensure IP safeguards, protection against leaks, and privacy compliance while enabling data use across cloud environments, partners, and jurisdictions. The company raised $5M in a funding round that brought total funding to $12M. Pyte intends to use the funds to accelerate commercialization of its computation platform for data utilization and collaboration. The company is led by CEO and Founder Sadegh Riazi and is based in Los Angeles, California. CipherMode Labs builds an open-source Secure Multiparty Computation (SMPC) library called CipherCore that enables processing of encrypted data without requiring cryptographic expertise. Users point the tool at a data source and CipherCore decouples the application layer from the protocol layer by generating the appropriate protocol to process the encrypted data. The company positions CipherCore as offering similar benefits to homomorphic encryption but with 2–3 orders of magnitude less computational overhead, faster compute times, and provable security. The startup says the approach is secure even against quantum computers. CipherMode has launched the open-source library and is developing a commercial version expected later this year. It has closed a $6.7 million seed investment led by Innovation Endeavors, with participation from Pillar VC, the National Science Foundation, and several industry luminaries. The technology was developed by CEO and co-founder Sadegh Riazi and co-founder Ilya Razenshteyn after Riazi's PhD work and his time on the Microsoft SEAL team.

Total raised

$12M

Funding rounds

2

Latest round

Equity

Latest activity

Jun 2024