Funding Alert

Silence Laboratories Secures $4 Million in Funding to Propel Data Privacy Solutions

• ByStartupStory     |    March 1, 2024

Tech startup Silence Laboratories has successfully raised $4 million (approximately INR 33 Cr) in a pre-Series A funding round, co-led by Pi Ventures and Kira Studio, with participation from several angel investors.

Founded in 2021 by Jay Prakash (CEO) and Andrei Bytes (CTO), Silence Laboratories specializes in privacy technology, focusing on transforming privacy-preserving authorization and collaborative computation. The freshly acquired funds will be instrumental in advancing these technologies and scaling up both tech and business teams.

Silence Laboratories aims to establish a global privacy-compliant collaboration infrastructure, eradicating single points of failure while facilitating secure data exchanges for enterprises. The platform utilizes cutting-edge technologies like multiparty computation (MPC) to ensure data privacy.

Jay Prakash, CEO of Silence Laboratories, emphasized the significance of their decentralised authorization library, Silent Shard, in distributing the risk of private key exposure. He stated, “Our privacy-preserving stack would be a key enabler in the global convergence of web2 and web3 architectures for the greater good.”

The startup’s newest product, Silent Compute, focuses on integrating privacy-preserving collaboration among institutions. Silence Laboratories believes in the potency of privacy-enhancing technologies (PETs) such as multi-party computation to achieve necessary decentralization in managing secrets.

The startup boasts one of the fastest distributed signature (authorization) libraries in production, resulting in strategic partnerships with key players like BitGo, MetaMask, EigenLayer, Biconomy, and EasyCrypto.

Currently, Silence Laboratories is actively working on a consent management framework, addressing existing issues where traditional mechanisms fall short. The company is committed to creating cryptographic foundations that enable a global data collaboration network for application-specific scenarios.

In 2022, Silence Laboratories secured $1.7 million in its seed funding round led by Pi Ventures, focusing on expanding its product portfolio and fortifying its technology stack.

 

 

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