Duality Technologies, a Newark NJ-based provider of privacy-enhanced data collaboration solutions, raised $30M in Series B funding.
The round, which brought total funding to $49m, was led by LG Technology Ventures with participation from Euclidean Capital and the National Bank of Canada’s corporate venture capital arm NAventures, along with existing investors Intel Capital, Hearst Ventures and Team8.
The company intends to use the funds to expand its go-to-market operations, advance its partnerships with technology vendors, and further cement its product and technology leadership in the fields of privacy-preserving machine learning and Privacy Enhancing Technologies (PETs).
Led by Dr. Alon Kaufman, CEO, Duality Technologies provides privacy-enhanced data collaboration solutions. Duality SecurePlus, a PET platform, combines advanced Homomorphic Encryption and data science, to enable organizations to collaborate on data and derive insights without exposing their sensitive data. The collaborating parties can securely run computations in any environment – whether their own, their partners’, or on a third-party cloud – without exposing sensitive data, such as Personally Identifiable Information (PII). By facilitating collaborative analysis of decentralized sensitive data, Duality enables enterprises to face and overcome challenges posed by growing data localization and privacy regulations and join forces across jurisdictions to leverage sensitive internal data for collaboration in business, science and security in today’s increasingly data-driven global economy.
The company offers privacy-enhanced applications for a variety of use cases across regulated industries, such as Financial Services, Healthcare, Government and more.
The founding team includes Turing Award winner Prof. Shafi Goldwasser, MIT’s Prof. Vinod Vaikuntanathan, the co-inventor of the foundational BGV Homomorphic Encryption scheme, and Dr. Kurt Rohloff, founder of the PALISADE Homomorphic Encryption open-source library on which Duality’s platform is based, as well as Kaufman and Chairwoman Rina Shainski.