30 October 2019, India:
Data Science Solutions firm Duality Technologies has raised $16 million in Series A round of funding. The funding round was led by Intel Capital. Hearst Ventures and existing investor Team8 also participated in the funding round.
The company will use the fresh capital to to continue developing its secure computing platform, offering privacy-enhanced solutions addressing customer needs in a wide variety of market segments.
Dr. Alon Kaufman, CEO and Co-Founder of Duality Technologies, said, “AI and Machine Learning are transforming countless industries, but they have also created new privacy challenges that regulation alone can’t solve.”
Dr. Alon Kaufman, added, “We are excited by the investment of Intel Capital, Hearst Ventures and Team8 in Duality, and look forward to collaborating with these industry leaders in delivering innovative Privacy-Enhanced solutions to the market. Our mission is to reconcile data utility and privacy while unlocking a whole new world of secure collaborative business opportunities for our customers.”
Anthony Lin, Vice President & Senior Managing Director of Intel Capital, said, “The ability to secure data during analysis is a critical component in the future computation stack, specifically in the context of AI. Intel Capital has been following the space closely, and we are excited to see secure computing and homomorphic encryption becoming practical and broadly applicable.”
Anthony Lin, added, “We believe privacy-preservation in AI and ML represents a huge market need, and we’re investing in Duality because of its unique founding team and world-leading expertise in both advanced cryptography and data science.”
Kenneth Bronfin, Senior Managing Director of Hearst Ventures, said, “As a leading global, diversified media, information and services company with more than 360 businesses across industries, we are acutely aware of the increasing importance of data and data collaboration in companies across many market segments.”
Kenneth Bronfin, added, “Sensitive data is constantly being generated by both individuals and businesses; there needs to be technology available that protects such data while allowing us to extract insights. We are excited by Duality’s mission and its ability to deliver complex technology to real-world use cases and applications.”
Investment Director, Roi Bar-Kat, led the investment for Intel Capital.
Duality Technologies was co-founded by Professor Shafi Goldwasser; Prof. Vinod Vaikuntanathan, and Dr. Kurt Rohloff, along with with Dr. Alon Kaufman, CEO, and Ms. Rina Shainski, Chairwoman.
(Image – Duality Technologies)