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CipherMode Labs picks up $6.7m seed

CipherMode Labs, a provider of data privacy and sharing solutions, has closed $6.7 million in seed financing.

CipherMode Labs, a provider of data privacy and sharing solutions, has closed $6.7 million in seed financing. Innovation Endeavors led the round.

PRESS RELEASE

LOS ANGELES, May 18, 2022 — CipherMode Labs, creator of a new, scalable, fast data privacy and sharing solution, announced today 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.