Duality Raises $30M for Privacy-Preserving Data Collaboration

Duality Secures Funding to Advance Secure Data Collaboration

Duality, a company specializing in secure data sharing, has successfully completed a funding round following significant initial contracts, notably one with the U.S. Department of Defense. The startup was founded by leading cryptographers and data scientists and is focused on enabling collaborative data analysis without compromising sensitive information.

Series B Funding and Key Investors

A $30 million Series B investment will fuel Duality’s growth. LG Technology Ventures spearheaded the round, with participation from Euclidean Capital and NAventures, the corporate venture arm of the National Bank of Canada. Existing investors, including Intel Capital, Hearst Ventures, and Team8, also contributed to this funding.

To date, Duality has raised approximately $49 million. While the company has not disclosed its precise valuation, estimates suggest a valuation of $145 million based on PitchBook data.

Core Technology: Homomorphic Encryption

Duality leverages homomorphic encryption (HE), an advanced technique allowing analysis of encrypted data without decryption. This technology is central to building privacy-focused and secure collaboration tools.

Strategic Vision and Product Development

CEO Alon Kaufman, alongside co-founders Shafi Goldwasser, Rina Shainski, Vinod Vaikuntanathan, and Kurt Rohloff, intends to utilize the funds to enhance secure collaboration tools. The focus will be on scaling and productizing the HE technology for broader enterprise adoption.

Further research and development, both independently and in collaboration with partners like Oracle, are also planned. The goal is to simplify HE for end-users, ensuring seamless integration into existing systems.

Expanding the HE Ecosystem

“We aim to abstract the complexities of homomorphic encryption from the end-user,” Kaufman explained. “Our integration strategy allows analysts to perform their tasks without needing expertise in the underlying encryption methods.”

Duality is not alone in exploring HE applications. Companies like Enveil (backed by the CIA’s investment arm), IBM, and Zama are also active in this space. Alternative privacy-enhancing technologies are also being developed, such as those by Evervault.

Key Contracts and Customer Traction

A significant milestone for Duality is its $14.5 million contract with DARPA. This project focuses on developing hardware capable of handling the computational demands of homomorphic encryption.

Duality’s Duality SecurePlus platform combines HE with other data science techniques. This approach applies HE to the most sensitive data while utilizing other tools for less critical information. Customers span financial services, healthcare, and government sectors.

Addressing the Data Collaboration Paradox

The Promise and Peril of Data Sharing

Data collaboration offers substantial benefits, including improved medical insights, enhanced AI model training, fraud detection, and a deeper understanding of consumer behavior. In many cases, data sharing is not optional but essential for operational success.

However, this collaboration introduces risks, including data breaches and the potential exposure of intellectual property. Organizations must balance the advantages of data sharing with the need to protect sensitive information.

Growing Demand for Data Security

With increasing cybersecurity threats and stricter data protection regulations, the demand for robust data handling tools is escalating. This environment has fueled interest in Duality’s innovative approach.

LG Technology Ventures’ Investment Rationale

LG’s investment reflects its growing focus on cybersecurity, particularly in areas like automotive. The company recently acquired Cybellum, an Israeli specialist in connected-car cybersecurity, demonstrating its commitment to the region and the field.

“Duality has emerged as a leader in the rapidly evolving privacy tech landscape,” stated Taejoon Park, Managing Director at LG Technology Ventures. “The demand for secure computing techniques, including privacy-preserving AI and Machine Learning, is surging. Duality is well-positioned to drive the adoption of privacy-enhanced computing across various industries.”

The company’s innovative solutions are expected to address the challenges of navigating complex privacy regulations while unlocking the value of data assets.