Duality Technologies, an infosec startup based in Newark, has raised $30 million in Series B funding to expand its privacy-enhanced data collaboration solutions.
The funding round was led by LG Technology Ventures with participation from Euclidean Capital, the National Bank of Canada’s corporate venture capital arm NAventures, Intel Capital, Hearst Ventures, and Team8. The new capital brings the total funding raised by the startup to $44 million. Taejoon Park, Managing Director at LG Technology Ventures, said about the firm’s participation:
“As privacy challenges mount in our data-driven world, Duality has established itself as a market leader in the swiftly developing privacy tech space. Demand for collaborative and secure computing techniques is skyrocketing – including privacy-preserving AI and Machine Learning analytics – and will continue to do so as businesses look to unlock their treasure chests of data while staying on the right side of increasingly complex privacy regulations. Duality is ideally positioned to lead the applications of privacy-enhanced computing in numerous industries through this period of rapid change, and I am excited to see the company expand its highly innovative solutions to even more fields.”
The startup was founded in 2016 by world-renowned cryptographers and data scientists with the mission to create a new standard for privacy-preserving data collaboration. Ever since, the startup has been doing so with the development of its Duality SecurePlus suite, which allows organizations to collaborate using sensitive data while also complying with data privacy regulations. Dr. Alon Kaufman, CEO and Co-Founder of Duality Technologies, said about this mission:
“The amount of data businesses possess has been multiplying exponentially, yet the breadth and depth of insights they can extract from it have not expanded at the same rate, mainly due to data silos caused by growing data privacy regulations and business barriers. Duality’s collaborative, secure computing solutions offer a way out of this impasse by making data usable while keeping it protected.”
With recent reports finding that privacy-enhancing computation is one of the biggest technology trends of this year, Duality Technologies is getting ready to become one of the leaders in the industry.