Duality Technologies, a developer of privacy-enhanced data collaboration solutions, has collected $30m in its Series B funding round.
LG Technology Ventures served as the lead investor, with commitments also coming from Euclidean Capital and the National Bank of Canada’s corporate venture capital arm NAventures. Existing Duality backers Intel Capital, Hearst Ventures and Team8 reupped their positions in the RegTech company.
With the equity, the company plans to expand its go-to-marker operations, advance partnerships with technology vendors and bolster the development of its platform.
Founded in 2016, Duality combines homomorphic encryption with data science to create its Duality SecurePlus suite of data collaboration applications, for internal and external communications. Organisations use the technology to safely collaborate with sensitive data, such as personal identifiable information, whilst maintaining business interests and complying with data privacy regulations.
The system enables collaborating parties to securely run computations in any environment, whether it is their own, partners or a third-party cloud. Through this, Duality claims to help businesses overcome challenges posed by growing data localisation and privacy regulations.
Duality Technologies CEO and co-founder Dr. Alon Kaufman said, “The amount of data businesses possess has been multiplying exponentially, yet the breadth they can extract from it have not expanded at the same rate, mainly due to data silos caused by growing data privacy regulations and business barriers.
“Duality’s collaborative, secure computing solutions offer a way out of this impasse by making data usable while keeping it protected. Companies and organizations recognize that embracing privacy-preserving technology is becoming a core business need, giving them a competitive edge while protecting their sensitive data assets.”
With the close of the Series B, the RegTech company has raised a total of $49m in funding.
Duality recently teamed up with Oracle FCCM to jointly offer privacy-protected AML information sharing across financial institutions.
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