Pyte Secures $5M to Revolutionize Data Utilization and Collaboration

In a significant move to advance secure data utilization and collaboration, Pyte, a leading secure computation platform, has raised $5 million in additional funding. This brings their total funding to over $12 million. The latest round, led by Myriad Venture Partners, aims to accelerate the commercialization of Pyte’s innovative secure computation technology.

Pyte has secured $5 million in funding to further develop and commercialize its secure computation platform, which allows enterprises to utilize and collaborate on sensitive data without compromising privacy and security.

This funding round was led by Myriad Venture Partners, with participation from Innovation Endeavors, Liberty Mutual Strategic Ventures, and Pillar VC, among others. Pyte, founded by Sadegh Riazi, focuses on providing secure data solutions for global enterprises.

The announcement was made on June 12, 2024, marking a significant milestone in Pyte’s journey to revolutionize secure data collaboration.

In today’s data-driven world, the ability to securely collaborate on sensitive data is crucial. Pyte’s technology addresses growing privacy concerns and regulatory requirements, enabling enterprises to leverage their data assets efficiently and securely. This innovation is particularly critical for industries like financial services and healthcare, where data security and compliance are paramount.

Key Points:

• Pyte’s secure computation platform leverages patented Secure Multiparty Computation (SMPC) technology.

• The platform ensures sensitive data remains encrypted during computations, safeguarding privacy and intellectual property.

• This funding will support Pyte’s expansion into highly regulated industries and enhance its commercialization efforts.

• Pyte’s solutions empower enterprises to harness the full potential of their data without the burden of increased data management costs.