Israeli data privacy company Duality Technology today announced that it has completed a $30 million Series B financing round led by LG Technology Ventures with participation from Euclidean Capital and the National Bank of Canada's corporate venture capital arm NAventures, with existing investors Intel Capital, Hearst Ventures and Team8. This brings the total amount raised by Duality to $49 million.
Duality will use the investment to expand its marketing operations, establish partnerships with leading technology vendors, and develop more advanced products and technologies in privacy-preserving machine learning and Privacy Enhancing Technologies (PETs).
Duality was co-founded in 2016 by cryptographers and data scientists CEO Dr. Alon Kaufman, CTO Dr. Kurt Rohloff, chairperson Rina Shainski, chief scientist Prof. Shafi Goldwasser, and chief cryptographer Prof. Vinod Vaikuntanathan.
Duality has harnessed its expertise in Homomorphic Encryption (HE) and data science to develop the Duality SecurePlus suite of secure data collaboration applications, addressing the specific business needs of organizations which seek to collaborate with their ecosystem on sensitive data while protecting their business interests and complying with data privacy regulations.).
Dr. Kaufman said, "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. Companies and organizations recognize that embracing privacy-preserving technology is becoming a core business need, giving them a competitive edge while protecting their sensitive data assets. We are excited by this round of financing led by LG Technology Ventures and are empowered by our new and existing investors’ shared vision of the transformational impact of privacy-enhancing technologies on the future of data collaboration and AI."
Duality was represented in the deal by Adv. Amir Sadeh and the US Corporate Group of Pearl Cohen law firm.
Published by Globes, Israel business news - en.globes.co.il - on October 5, 2021
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