In today’s interconnected business world, enterprises are initiating their digital transformation and leveraging insights from vast amounts of data to unlock new capabilities and operational efficiencies. But there is a common challenge: how to collaborate and leverage data while maintaining privacy, security, and compliance.

The need for enterprise-wide secure data collaboration is particularly poignant in industries such as finance, healthcare, government, and technology, where sensitive information is frequently shared between parties. Traditional data sharing methods for these sectors often aggregate data into a single environment, putting data at a high risk of exposure. Companies worldwide also face growing, stringent regulations when it comes to data sharing. The General Data Protection Regulation (GDPR), for example, has forced many companies to incur higher costs and navigate more technical complexities for storing, processing, and sharing sensitive data. While the regulations are well intentioned, companies often have to invest in new technologies to comply, potentially putting them at a competitive disadvantage.

Pyte, founded by Sadegh Riazi and Ilya Razenshteyn, has developed an innovative solution for  data-driven industries. Their industry-agnostic platform allows for collaboration and computation on encrypted data without ever needing to decrypt it. This enables enterprises to seamlessly collaborate on data at scale across cloud environments, partners, and jurisdictions ⸺ while remaining privacy compliant and protected against data leaks and sharing insecurities.

When the Myriad team first met with Sadegh and Ilya, we were immediately impressed by their backgrounds and vision. Both are world-renowned experts in cryptography and secure computation. CEO Sadegh and CTO Ilya have previous experience at Microsoft Research. Their work on Project HEAX, a new computing platform for Homomorphic Encryption, and involvement in the Machine Learning and Optimization Group further demonstrated their ability to drive the future of data privacy and collaboration.

That’s why we are proud to have led their latest funding round, bolstering their total funding to over $12 million. This investment will support the next generation of large-scale privacy preserving computation.

At the core of Pyte’s platform is its patented Secure Multiparty Computation (SMPC) cryptographic technology, which is based on a decade of academic research by Sadegh and Ilya. SMPC allows multiple parties to jointly compute a function over their private inputs through encryption without revealing those inputs to each other. This means organizations can collaborate on sensitive data, ensuring privacy, security, and intellectual property (IP) safeguards throughout the entire process. Traditional SMPC has been impractical and too expensive for enterprise use due to its high computational and communication costs. However, Pyte has made significant advancements that have dramatically reduced these costs, making SMPC viable for real-world data applications. Pyte's technology is more than four times faster than other SMPC solutions, allowing for complex computation on encrypted data at an unprecedented scale. In addition to its performance benefits, Pyte's SMPC technology is highly user-friendly. It includes a “transpiler” that automatically translates high-level programming languages into secure computation protocols, enabling software engineers and data scientists to use the platform without needing deep cryptographic knowledge. Pyte also offers a no-code UI wrapper, making the technology accessible to marketers and other non-technical users.

From revolutionizing fraud detection and risk assessment for financial and insurance services, to enabling secure and compliant data sharing in healthcare and pharmaceuticals, Pyte is transforming the way businesses across industries operate and collaborate. Pyte addresses common challenges such as the scarcity of high-quality data, the potential for biased and non-diverse answers in large language models (LLMs), and the risk of privacy violations when using personal data for training purposes. As more companies recognize the value of privacy and security in data collaboration, Pyte will become the go-to tool.

The company has already secured an impressive roster of early adopters from industries such as finance, consumer packaged goods, technology, and data providers. These customers have validated Pyte’s technology as ready and scalable for a wide array of use cases. In addition to its customer traction, Pyte has received strong recognition from industry experts and thought leaders. The company’s technology has won multiple accolades, including the TROPT Privacy Tech Award and the AIC Award for Best AI/ML Solution for Privacy and Security. Pyte has also been recognized recently as a Major Player in the IDC MarketScape: Worldwide Data Clean Room Technology 2024 Vendor Assessment.

As high-quality data becomes the norm in our business ecosystem, Pyte’s secure data collaboration platform has the potential to unlock enormous value for enterprises globally. By empowering organizations to collaborate on sensitive data without fear of data leaks or compliance violations, Pyte is paving a new era of data-driven innovation and value creation. We believe that Pyte’s technology will become a fundamental building block for the data economy of the future, and we can’t wait to be along for the ride.