Quick take:
- The company will use the funds to scale its team and for research and development.
- Silence Laboratories is building a cryptographic security firm that leverages Multiparty Computation (MPC) technology to enhance user privacy in Web3.
- The company has developed two main products using MPC technology: Silent Shard and Silent Compute.
Silent Laboratories has completed a $4.1 million funding round co-led by Pi Ventures and Kira Studio, TechCrunch reported. The fundraising brings the total raised to $6 million, following an additional $1.9 million raised across seed and angel rounds.
Silent Laboratories describes itself as a cryptographic security firm that leverages multi-party computation (MPC) technology to enhance internet security and consumer data privacy.
The company has already used MPC technology to launch two products, Silent Shard and Silent Compute. Silent Shard enables enterprises and users to limit the risk of exposing sensitive private keys and implements advanced authorisation rules. The product has been audited by Trail of Bits, an end-to-end security research firm that has audited some of the world’s biggest tech companies including Facebook, Stripe and Adobe.
On the other hand, Silent Compute allows organisations to collaborate without revealing private data.
Founded in 2021 by Dr Jay Prakash (CEO), Dr Andrei Bytes (CTO), and Dr Tony Quek, Silence said it will use the fresh capital to scale up its teams and beef up its research and development pipeline.
Commenting on the announcement, Prakash explained: “We found a product-market fit (PMF) in privacy-preserving decentralized authorization and computation while talking to early customers who were building digital asset-based products and since then, we have been building cryptographic libraries to solve the pertinent problem of a single point of failure and exposure of secrets, be it at rest or in use.”
One of the biggest challenges facing traditional social media platforms has been the use of consumer data. Leading platforms like Facebook have been forced to pay hundreds of millions of dollars in fines because of breaching user privacy rights in various jurisdictions.
Prakash also thinks the processes deployed by various regulators to track money laundering cartels and platforms put immense pressure on the institutions tasked with handling the problem.
“The processing entity is exposed to huge risk and liabilities, which also deters collaborations. It has been found in multiple case studies that if privacy can be guaranteed, richer collaborations are possible, which would improve the quality of data and hence the analysis,” he said.
Its two products Silent Shard and Silent Compute are designed to handle such quandaries, with organisations now able to collaborate without revealing private information, while also helping users limit the risk of exposing sensitive keys.
MPC technology has emerged as a gateway to onboarding mainstream enterprises to Web3, with popular platforms like Binance already adopting it for its non-custodial Web3 wallet.
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