Silence Laboratories, which builds products to help enterprises and companies ensure data privacy through technologies like multiparty computation (MPC), has raised $4.1 million in a funding round, according to ETtech report.
The round was led by Pi Ventures and Kira Studio, along with other angel investors. The newly-acquired funds are earmarked for scaling up its tech and business team, and to invest in research and development initiatives, the company said.
The Singapore- and Bangalore-based company said the funding follows a $1.7 million round in 2022, bringing the total funds raised by the company to around $6 million.
“When data has been used for inference, for calculation, either in finance, healthcare, or any other business, that’s where the visibility is exposed. Whosoever is calculating something on the data has full visibility of the content. That has been the missing piece, which we are trying to fix. In a nutshell, we are enabling computation on encrypted data to a certain extent,” Jay Prakash, cofounder and chief executive of Silence Laboratories, said.
Using MPC, a subset of cryptography, Silence enables enterprises to collaborate on processing data without revealing sensitive information to any of them.
“There is no way to guarantee that they (companies) have deleted the data securely and are not cross-selling it,” Prakash added.
Founded in 2021 by Prakash, Andrei Bytes and Tony Quek, Silence currently offers two products using MPC technology—Silent Shard and Silent Compute.
“There are slabs for numbers of accounts, 1 million, 2 million accounts, and then you have pricing ramping up accordingly as a function of accounts,” Prakash said.
The firm currently works with 19 enterprise customers, including the likes of MetaMask, BitGo, and Biconomy, and generates around $500,000 in annual recurring revenue, Prakash said.
“Digital wallets have been our target customers and they will be from the revenue perspective. But now we have opened up more cases in financial institutions and those are now completing the pieces of the larger part of the story. So, the larger part of the goal and vision of the company is to create global data collaboration networks,” Prakash said.
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