Pyte, a startup specializing in secure data collaboration solutions for enterprises, announced on Wednesday that it has raised $5 million, bringing its total funding to over $12 million. The latest investment round was led by Myriad Venture Partners, with additional participation from Innovation Endeavors, Liberty Mutual Strategic Ventures, and Pillar VC. This funding will be used to commercialize Pyte’s technology in new industries, especially those that are highly regulated like healthcare and financial services.
Pyte has developed a secure computation platform that enables enterprises to collaborate on sensitive data without risking exposure. Their proprietary Secure Multiparty Computation (SMPC) technology allows organizations to perform AI and machine learning computations on encrypted data without needing to move or decrypt it. This ensures the protection of intellectual property and safeguards against data leaks and unauthorized sharing.
The company’s technology addresses the growing need for secure data collaboration in the digital transformation era. By leveraging advanced cryptographic methods, Pyte’s solutions provide organizations with the ability to share and analyze data with partners, customers, or even competitors, without compromising privacy, security, or trust. This capability is crucial for maximizing the value of data while maintaining stringent data protection standards.
Lynne Schneider, research director at IDC, emphasized the importance of Pyte’s solutions in addressing the challenges of privacy, security, and trust that come with digital transformation. Schneider highlighted that Pyte’s advanced cryptographic developments allow companies to pursue data collaboration opportunities confidently, ensuring that their sensitive information remains uncompromised. This positions Pyte as a key player in enabling secure and effective data utilization across various industries.
Reference:
