Pyte raises $5 million
Pyte, a secure data collaboration solutions provider, has raised $5 million in additional funding, bringing its total to over $12 million. This round was led by Myriad Venture Partners and included contributions from Innovation Endeavors, Liberty Mutual Strategic Ventures, and Pillar VC.
Founded in 2021, the California-based startup offers a solution that allows marketers and data providers to collaborate, match and run computations on encrypted data without decryption at any point in the data lifecycle. The technology enables enterprises to leverage their data across cloud environments, partners, and jurisdictions while remaining privacy compliant and protected against data breaches.
The latest funding will allow Pyte to expand into regulated sectors like financial services, healthcare and insurance, aiming to democratize secure data utilization.
“While companies across industries pursue data collaboration for various reasons – from consumer brands refining ad campaigns, to fintech enterprises revolutionizing digital payments – conventional data-sharing methods often compromise privacy, intellectual property (IP) and security by centralizing data into vulnerable environments or leaking data. With our patented Secure Multiparty Computation (SMPC) technology, enterprises can utilize, collaborate and run computations on sensitive data while guaranteeing the privacy and security of the data.” – Sadegh Riazi, founder and CEO of Pyte.
“The ability to safely collaborate and derive insights from sensitive data is increasingly critical for driving innovation, efficiency and competitive advantage in a data-centric economy. Pyte enables unprecedented levels of secure data collaboration, particularly in the industries where data security and compliance are paramount. This is a remarkable feat of cryptographic engineering, and we’re excited about the immense value of data that organizations across industries will unlock with Pyte.” – Dean Mai, co-founder and managing partner for Myriad Venture Partners.
