Israeli Software-Defined Cryptography (SDC) developer Dyadic Security announced today the completion of a $12 million Series B funding round led by Goldman Sachs Principal Strategic Investments, Citi Ventures and Eric Schmidt’s Innovation Endeavors. The funding round will be used to expand Dyadic’s sales and marketing operations in North America. As part of the investment, Innovation Endeavors’ Yuval Shachar has been named chairman of the Dyadic Board of Directors.
Dyadic Security cofounder and CEO Avner Mor said, “Dyadic has changed the game for financial institutions and enterprise companies in how they protect sensitive data assets. Based on decades of research in Multiparty Computation (MPC), our MPC-based technology helps our customers overcome the tremendous security and compliance challenges they face as they make the transition to a cloud-based infrastructure.”
The company has offices in Petah Tikva and New York.
Dyadic provides enterprise customers and financial institutions both security and usability in managing their cryptographic keys, rather than the traditional tradeoff. Founded by world-renowned cryptography experts and a strong team of applied crypto software engineers, Dyadic has created the world’s first SDC technology, called Dyadic vHSM (virtual Hardware Security Module).
Dyadic vHSM enables enterprises to shift away from their reliance on dedicated secure hardware such as Hardware Security Modules (HSM), smartcards and hardware tokens, which are physical devices in which digital keys are stored, to virtual modules that allow them to securely store, manage and use their cryptographic keys on any platform, from servers and laptops to smartphones and IoT devices - on premises or in the cloud. Today, Dyadic’s products are deployed around the world in several leading Fortune 500 companies.
Published by Globes [online], Israel business news - www.globes-online.com - on March 14, 2017
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