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June 15, 2024 11:49 pm

Duality Technologies Raises $30M Led by LG Technology Ventures to Accelerate Market Adoption of Privacy-Enhanced Data Collaboration

Duality’s cutting-edge solutions for privacy protection enable organizations to collaborate securely on sensitive data to drive innovation and revenue, while complying with growing data privacy regulations

Duality Technologies, a leading provider of privacy-enhanced data collaboration solutions, today announced that it has raised a $30M Series B funding round, bringing its total funding to $49 million. The round was led by LG Technology Ventures with participation from Euclidean Capital and the National Bank of Canada’s corporate venture capital arm NAventures, along with existing investors Intel Capital, Hearst Ventures and Team8. Duality will use the funds to expand its go-to-market operations, advance its partnerships with leading technology vendors, and further cement its product and technology leadership in the fields of privacy-preserving machine learning and Privacy Enhancing Technologies (PETs).

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Founded by world-renowned cryptographers and data scientists, Duality has harnessed its foremost expertise in Homomorphic Encryption (HE) and data science to develop the Duality SecurePlus® suite of secure data collaboration applications, addressing the specific business needs of organizations which seek to collaborate with their ecosystem on sensitive data while protecting their business interests and complying with data privacy regulations. Duality SecurePlus® applications enable organizations to collaborate on protected data and AI models, by keeping them encrypted during computation. The collaborating parties can securely run computations in any environment – whether their own, their partners’, or on a third-party cloud –  without exposing sensitive data, such as Personally Identifiable Information (PII).

By facilitating collaborative analysis of decentralized sensitive data, Duality enables enterprises to overcome challenges posed by growing data localization and privacy regulations and join forces across jurisdictions to leverage sensitive internal data for collaboration in business, science and security in today’s increasingly data-driven global economy.

A recent Gartner report identified privacy-enhancing computation as one of 2021’s top strategic technology trends, predicting that by 2025, half of large organizations will adopt privacy-enhancing computation as a means of processing data. Duality offers privacy-enhanced applications for a variety of use cases across regulated industries, such as Financial Services, Healthcare, Government and more. An example of such privacy-enhanced services is Duality’s recent partnership with Oracle FCCM (Financial Crime and Compliance Management), jointly offering privacy-protected AML (anti-money-laundering) information sharing across financial institutions.

“The amount of data businesses possess has been multiplying exponentially, yet the breadth and depth of insights 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,” said Dr. Alon Kaufman, CEO and Co-Founder, Duality Technologies. “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. We are excited by this round of financing led by LG Technology Ventures and are empowered by our new and existing investors’ shared vision of the transformational impact of Privacy-Enhancing Technologies on the future of data collaboration and AI.”

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