SUMMARY
Founded by Jay Prakash (CEO) and Andrei Bytes (CTO) in 2021, the startup is a cybersecurity provider offering a wide array of solutions including digital assets, traditional finance, healthcare, and beyond
The fresh infusion will be used to transform privacy-preserving authorisation and collaborative computation, and scale the tech and business teams in the company to lead global market penetration and establish a robust R&D pipeline
Currently, the startup is working on the consent management framework, as existing consent mechanisms permit data transfer, and data replications, do not guarantee deletion after usage, and can sometimes act as a substitute for privacy
Privacy tech startup Silence Laboratories has raised $4 Mn (about INR 33 Cr) in a pre-Series A funding round co-led by Pi Ventures and Kira Studio, with participation from a clutch of angel investors.
The startup will use the fresh funds to transform privacy-preserving authorisation and collaborative computation. Besides, the capital will also be deployed for scaling up tech and business teams.
Founded by Jay Prakash (CEO) and Andrei Bytes (CTO) in 2021, Silence Laboratories is a platform which builds products to help enterprises and companies ensure data privacy via technologies like multiparty computation (MPC).
It aims for a global privacy-compliant collaboration infrastructure that would enable enterprises to collaborate and exchange inferences while removing all single points of failure.
Prakash said, “Our decentralised authorisation library, Silent Shard, assists enterprises and users in distributing the risk of private key exposure and in designing innovative authorisation policies for digital assets.”
He further added that additionally, the startup is on the integration of privacy-preserving collaboration among institutions with its newly launched product, Silent Compute.
“We are inching towards a global convergence where the best of web2 and web3 architectures will solve for the general good and our privacy-preserving stack would be a key enabler,” he said.
The startup stated that it believes that privacy-enhancing technologies (PETs) like multi-party computation (MPC) are powerful tools to achieve necessary decentralisation in managing secrets, be it private keys of digital assets or enterprise data.
It claims to have one of the fastest distributed signature (authorization) libraries in production. These libraries, as per the startup, have led to the establishment of strong partnerships with leading digital asset infrastructure and protocol companies like BitGo, MetaMask, EigenLayer, Biconomy, and EasyCrypto.
Currently, the startup is working on the consent management framework, as existing consent mechanisms permit data transfer, and data replications, do not guarantee deletion after usage, and can sometimes act as a substitute for privacy.
Silence is currently creating cryptographic bases which enable a global data collaboration network for application-specific scenarios, and expanding its global leadership team across cryptography, infrastructure, business, and engineering.
In 2022, Silence bagged $1.7 Mn in its seed funding round led by pi Ventures to expand its product portfolio and strengthen technology stack.
