PRESS RELEASE
SINGAPORE – 29 February 2024 — In the modern age, large companies are struggling to harness their customers’ data to deliver ever-better AI-powered experiences, but a key barrier to capitalizing on this opportunity is growing public concern about data privacy , as ever-increasing data processing brings risks of data leaks by hackers and malicious insiders.
Silence Laboratories is on a mission to create an infrastructure to enable complex data collaborations between businesses and entities, without any sensitive information being exposed to other parties involved. Silence Laboratories today announces that it has raised an additional $4.1 million funding round led by Pi Ventures and Kira Studio, along with several leading angel investors.
Leveraging modern cryptography, the company already has one of the fastest distributed signature (permission) libraries in production (Silent fragment), which has been audited by some of the best security auditing companies such asBit trail.
These libraries have led to the creation of strong partnerships with leading digital asset infrastructure and protocol companies such as BitGo, MetaMaskEigenLayer, Biconomy and EasyCrypto. The products offered by the company include Silent fragment which allows businesses and users to limit the risk of exposing sensitive private keys and put advanced authorization rules in place. Furthermore, the new launched Silent calculation The product enables different organizations to collaborate on information processing without the need to expose their secrets and data to third parties and enrich insights while maintaining compliance and trust. Both products use multiparty computation (MPC) as their primary cryptographic primitives. Commenting on the announcement, the CEO and founder of Silence Laboratories Dr. Jay Prakash said: “In today’s digital ecosystem, trust and privacy are not simply options but imperatives for sustainable growth. With this new injection of funding, Silence Laboratories is poised to redefine privacy by enabling businesses to fully embrace the power of artificial intelligence while rigorously protecting their most vital asset: customer trust. Our privacy-enhancing technologies ensure that collaboration and innovation can thrive in an environment where data confidentiality and integrity are not compromised.”
With the privacy enhancing technologies (PET) market growing globally at a compound annual growth rate of 26.6%, there is a growing demand for Silence Laboratories who offer to provide mathematical guarantees for techno expectations -legal. This would allow companies to work together on data processing, without the need to share data with the other party, allowing more industries to benefit from the new technology, with less risk.
Shubham Sandeep, managing director of Pi Ventures, commented: “Secure data collaboration to enable privacy-preserving computing is an ever-growing problem especially in highly regulated industries such as finance and healthcare. This requires solutions based on zero trust cryptographic collateral instead of relying on vendors of third-party data that is prone to security breaches. The MPC infrastructure developed by the world-class team at Silence Laboratories is the fastest in the world, easily configurable, application agnostic and provides full control to the user. We are excited to double our investment as we have seen the company’s fantastic progress over the last 18 months.”
The funding will be used to expand the company’s technology and business teams and enrich the company’s robust research and development pipeline. Founded in 2021 by Dr. Jay Prakash (CEO), Dr. Andrei Bytes (CTO) and Dr. Tony Quek; the company recently expanded its global leadership team across cryptography, infrastructure and engineering.
“The Silence team is an amazing team with deep expertise in cryptography and is working on a number of innovative products in privacy and authentication infrastructure and I am really excited to support their journey. Privacy infrastructure combined with blockchain and fintech binaries will be huge!” shared Anurag Arjun, of Kira Studio and former co-founder of Polygon.
About the Silence Laboratories
Founded in 2021 by Dr. Jay Prakash (CEO) and Dr. Andrei Bytes (CTO), Silence Laboratories is a privacy technology company that enables businesses to adopt privacy-enhancing technologies through a unique fusion of cryptography and engineering of safety. Their mission is to enable a privacy-compliant global collaboration infrastructure that allows companies to collaborate and exchange inferences while removing all single points of failure. The company was founded by a strong technical and business team including PhD students and researchers with previous affiliations at the Massachusetts Institute of Technology (MIT), USA; Singapore University of Technology and Design (SUTD) and National University of Singapore (NUS); University of Illinois Urbana-Champaign (UIUC), world-class Capture The Flag (CTF) teams, and leading technology companies. Find out more about their work: https://silencelaboratories.com