Los Angeles-based insurtech Pyte has raised an additional $5 mn in funding, bringing its total funding to over $12 mn led by Myriad Venture Partners with participation from several other firms like Innovation Endeavors, Liberty Mutual Strategic Ventures and Pillar VC.
Pyte, established in 2021, offers a solution that enables markets and data providers to collaborate, match, and perform calculations on sensitive data without decryption.
Pyte is the next generation secure computation solution for enterprises that want to collaborate on their sensitive data. The company’s technology is the result of a decade’s worth of research built upon advancements in cryptography.
This latest funding will drive Pyte’s efforts to commercialize its technology in new industries, with a primary focus on highly regulated sectors such as financial services and healthcare.
Pyte empowers all enterprises to harness the full potential of their data through secure utilization and collaboration, without the burden of increased data management costs, ultimately leveling the playing field in the global data economy.
This technology allows companies to use their data in sensitive areas, including cloud environments, while ensuring privacy compliance and security against data breaches. It also protects sensitive intellectual property.
“At Pyte, we firmly believe that data collaboration drives innovation and business agility”. But organizations must use a secure solution to ensure that data remains private, protected, and compliant – which drives up business costs.
For lack of solutions, many organizations fail to use their data effectively. But as our founder, Sadegh Riazi says, “You can’t get value from data you don’t use.”
With our patented Secure Multiparty Computation technology, enterprises can utilise, collaborate and run computations on sensitive data while guaranteeing the privacy and security of the data
Sadegh Riazi, founder and CEO of Pyte
Pyte’s proprietary SMPC technology makes it easy to run simple or complex artificial intelligence (AI) or machine learning (ML) computations on encrypted data, without the sensitive data ever needing to be moved or decrypted.
This ensures IP safeguards and protection against leaks and sharing as enterprises leverage their data across cloud environments, partners and jurisdictions.
Companies worldwide face increasing challenges in leveraging their data assets due to growing privacy concerns and regulatory requirements.
Stringent data protection regulations, such as the General Data Protection Regulation (GDPR), have led to increased costs and complexities associated with storing, processing and sharing sensitive data, putting companies within the policy’s jurisdiction at a potential competitive disadvantage.
Pyte plans to use new funds to commercialize its technology in industries such as finance, healthcare, and insurance. Companies seek data collaboration for various reasons, including improving ad campaigns and advancing digital payments.
However, traditional data-sharing methods often compromise privacy, intellectual property, and security by centralizing data in vulnerable environments or causing data leaks.
Dean Mai, Co-Founder and Managing Partner for Myriad Venture reflected on Pyte’s unique solutions: “The ability to safely collaborate and derive insights from sensitive data is increasingly critical for driving innovation, efficiency and competitive advantage in a data-centric economy.
Pyte enables unprecedented levels of secure data collaboration, particularly in the industries where data security and compliance are paramount
Dean Mai, Co-Founder and Managing Partner for Myriad Venture
Mai will also join Pyte’s Board of Directors, bringing deep experience in software and global operations, having led technology, investment and product incubation for multinationals and startups. He leads Myriad’s domain focus in AI, data security and enterprise software.
In 2023, Pyte launched SecureMatch, its data collaboration platform that ensures customer data remains protected and encrypted throughout the computation process.
Pyte achieved SOC 2 compliance for its platform, underscoring its robust data controls related to security, availability, processing integrity, confidentiality and privacy.
by Peter Sonner
