The round of funding was led by Myriad Venture Partners with participation from several other firms like Innovation Endeavors, Liberty Mutual Strategic Ventures and Pillar VC, among others.
Pyte was founded in 2021 and offers companies a solution which lets markets and data providers collaborate, match and run calculations on sensitive data without ever decrypting it.
This allows companies to use their data across more sensitive areas including cloud environments, whilst maintaining privacy compliance and security against data breaches. It also helps to safeguard sensitive IP.
Pyte plans to use the new funds to commercialise its technology in new industries, with a particular focus on highly regulated sectors like finance, healthcare, and insurance.
Sadegh Riazi, (pictured) founder and CEO of Pyte, commented: “While companies across industries pursue data collaboration for various reasons – from consumer brands refining ad campaigns, to fintech enterprises revolutionising digital payments – conventional data-sharing methods often compromise privacy, intellectual property (IP) and security by centralising data into vulnerable environments or leaking data. With our patented Secure Multiparty Computation (SMPC) technology, enterprises can utilise, collaborate and run computations on sensitive data while guaranteeing the privacy and security of the data.
Dean Mai, Co-Founder and Managing Partner for Myriad Venture reflected on Pyte’s unique solutions: “The ability to safely collaborate and derive insights from sensitive data is increasingly critical for driving innovation, efficiency and competitive advantage in a data-centric economy. Pyte enables unprecedented levels of secure data collaboration, particularly in the industries where data security and compliance are paramount. This is a remarkable feat of cryptographic engineering, and we’re excited about the immense value of data that organisations across industries will unlock with Pyte.”
