Business News Report
February 29, 2024

Silence Laboratories Raises $4.1M Funding to Protect Enterprise Data with Cryptographic Multiparty Computation 

In Brief

Silence Laboratories raised $4.1 million funding to boost enterprise data privacy and security with Multiparty computation (MPC).

Silence Laboratories Raises $4.1M Protect Companies’ Data with MPC Technology v

Multiparty computation (MPC) infrastructure development startup Silence Laboratories raised $4.1 million in a funding round led by Pi Ventures and Kira Studio, among other investors. The company plans to direct the newly raised capital to expanding its technology and business teams, as well as enhancing its research and development pipeline.

Targeting digital asset enterprises, financial and healthcare organizations, and telecommunication companies, Silence Laboratories leverages MPC technology to keep their data private and safe.

MPC is a subset of cryptography that facilitates collaboration between two or more parties in processing tasks without revealing sensitive or private information to the other parties involved, ensuring confidentiality and security.

“In today’s digital ecosystem, trust, and privacy are not merely options but imperatives for sustainable growth. With this new injection of funds, Silence Laboratories is poised to redefine privacy by enabling businesses to fully embrace the power of AI while rigorously protecting their most vital asset – customer trust,” said Dr. Jay Prakash,  CEO and founder of Silence Laboratories. “Our privacy-enhancing technologies assure that collaboration and innovation can flourish in an environment where the confidentiality and integrity of data are uncompromised.”

Silence Laboratories currently offers two products – Silent Shard and Silent Compute. Silent Shard, audited by the security auditing company Trail of Bits, allows enterprises and users to mitigate the risk of exposing sensitive private keys and incorporates advanced authorization rules. Meanwhile, Silent Compute enables businesses to collaborate on information processing without disclosing their private data to third parties.

Founded in 2021, Silence Laboratories started as a multi-factor authentication (MFA) company and later pivoted its business to build a cryptographic security company. Over the years of development, the company has been enlarging its global leadership team in cryptography, infrastructure business, and engineering.

The startup operates under a B2B licensing model, providing libraries that encompass a range of features and wrappers suitable for the platform and application-agnostic package. Currently, over 20 enterprise customers utilize Silence Laboratories’ products, including notable entities such as BitGo, MetaMask, and EigenLayer. The company’s annual recurring revenue is approximately $500,000.

Crypto Companies Embrace MPC Technology

Several prominent cryptocurrency companies have incorporated multiparty computation (MPC) capabilities into their services through acquisitions over the past years.

Cryptocurrency exchange Coinbase acquired Unbound Security, a crypto custody infrastructure firm with expertise in MPC, in 2021. Likewise, digital asset wallet for institutions Blockdaemon acquired Sepior, a digital asset security company specializing in key management services for institutional clients.

Furthermore, the market size for privacy-enhancing technologies, including MPC, is expected to grow significantly, reaching an estimated valuation of $25.8 billion by 2033. This marks a substantial increase from the $2.4 billion valuation projected for 2023, representing a growth of 26.6%, according to the FMI report.

With the recent injection of new funding, Silence Laboratories is set to enhance the security of digital asset enterprises using advanced cryptographic technology, further establishing its prominence in the industry.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

More articles
Alisa Davidson
Alisa Davidson

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

Hot Stories
Join Our Newsletter.
Latest News

The DOGE Frenzy: Analysing Dogecoin’s (DOGE) Recent Surge in Value

The cryptocurrency industry is rapidly expanding, and meme coins are preparing for a significant upswing. Dogecoin (DOGE), ...

Know More

The Evolution of AI-Generated Content in the Metaverse

The emergence of generative AI content is one of the most fascinating developments inside the virtual environment ...

Know More
Join Our Innovative Tech Community
Read More
Read more
Web3 Insights in the Desert: Don’t Miss These Upcoming Crypto Events in Dubai
Digest Technology
Web3 Insights in the Desert: Don’t Miss These Upcoming Crypto Events in Dubai
April 16, 2024
Io.net Unveils IO Tokenomics: Sets Maximum Supply At 800M With 50% Distribution To Community
Markets News Report Technology
Io.net Unveils IO Tokenomics: Sets Maximum Supply At 800M With 50% Distribution To Community
April 16, 2024
Magic Square Integrates 1inch Swap API And Initiates SQR Token Swap Competition With $25,000 In Rewards
Business News Report Technology
Magic Square Integrates 1inch Swap API And Initiates SQR Token Swap Competition With $25,000 In Rewards
April 16, 2024
Umoja Joins Forces With Merlin Chain To Release First Bitcoin-Based Synthetic Dollar USDb
Business Markets News Report
Umoja Joins Forces With Merlin Chain To Release First Bitcoin-Based Synthetic Dollar USDb
April 16, 2024