Silence Laboratories Raises $4.1M to Enable Privacy-Preserving Collaborative Computing

In the modern era, large corporations are striving to utilise their customers' data to enhance AI-driven experiences. However, a significant obstacle in capitalising on this potential is the escalating public concern over data privacy. The increased processing of data introduces the risk of data breaches by hackers and malicious insiders.

Silence Laboratories has embarked on a mission to develop infrastructure that facilitates intricate data collaborations between enterprises and entities, ensuring that no sensitive information is disclosed to other involved parties. The company recently announced it had secured an additional £4.1 million in funding, led by Pi Ventures and Kira Studio, with contributions from several notable angel investors.

Utilising cutting-edge cryptography, Silence Laboratories boasts one of the quickest distributed signature (authorisation) libraries currently in use, known as Silent Shard, which has undergone rigorous audits by leading security auditing firms, including Trail of Bits. This technology has fostered strong partnerships with prominent digital asset infrastructure and protocol entities such as BitGo, MetaMask, EigenLayer, Biconomy, and EasyCrypto.

The company offers products like Silent Shard, enabling enterprises and users to mitigate the risk of exposing sensitive private keys and implement sophisticated authorisation protocols. Moreover, the recently introduced Silent Compute product permits various organisations to process information collaboratively without revealing their confidential data and secrets to third parties, thereby enhancing insights while upholding compliance and trust. Both products are grounded in multi-party computation (MPC) technology, serving as their fundamental cryptographic building blocks.

Commenting on the announcement, Silence Laboratories CEO and founder Dr. Jay Prakash said: “In today's digital ecosystem, trust, and privacy are not merely options but imperatives for sustainable growth. With this new injection of funds, Silence Laboratories is poised to redefine privacy by enabling businesses to fully embrace the power of AI while rigorously protecting their most vital asset – customer trust. Our privacy-enhancing technologies assure that collaboration and innovation can flourish in an environment where the confidentiality and integrity of data are uncompromised.”

With the market for privacy-enhancing technologies (PETs) growing globally at a compound annual growth rate of 26.6%, there is growing demand for Silence Laboratories offering to provide mathematical guarantees for techno-legal expectations. This would allow companies to work together on processing data, without needing to share data with the other party - allowing more sectors to benefit from new technology, with less risk.

Shubham Sandeep, Managing Director at Pi Ventures, commented: "Secure data collaboration to enable privacy preserving compute is an ever growing problem, especially in highly regulated domains such as finance and healthcare. This requires solutions based on zero-trust cryptographic guarantees instead of relying on third-party data vendors who are prone to security breaches. The MPC infrastructure developed by the world-class team at Silence Laboratories is the fastest in the world, easily configurable, application agnostic and provides full control to the user. We are excited to double down on our investment as we have seen the fantastic progress of the company over the last 18 months."

The funding will be used to scale the company’s tech & business teams and enrich the company’s robust R&D pipeline. Founded in 2021 by Dr Jay Prakash (CEO), Dr Andrei Bytes (CTO) and Dr Tony Quek; the firm has also recently been expanding its global leadership team across cryptography, infrastructure business and engineering.

“The Silence team is an amazing team with deep cryptography expertise and is working on a set of groundbreaking products in privacy and authentication infrastructure and I am really excited to support their journey. Privacy-preserving infrastructure combined with blockchain and fintech rails is going to be huge!” shared Anurag Arjun, from Kira Studio and Ex Co-founder of Polygon.