Cryptographic Security Startup Silence Laboratories Secures USD 4.1 Mn Led by Pi Ventures and Others Silence Laboratories aims to use the funding in scaling the technology and business teams to lead global market penetration and establish a robust R&D pipeline.
By Entrepreneur Staff •
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Cryptographic Security Startup, Silence Laboratories, has raised an additional USD 4.1 million funding led by Pi Ventures and Kira Studio, along with several other angel investors.
The raised funding will be used in scaling the technology and business teams in the company to lead global market penetration and establish a robust R&D pipeline.
In 2022, the startup raised USD 1.7 million funding in a seed round led by Pi Ventures.
Jay Prakash, Co-Founder and CEO at Silence Laboratories said, "Our decentralized authorization library, Silent Shard, assists enterprises and users in distributing the risk of private key exposure and in designing innovative authorization policies for digital assets. Additionally, we are enabling privacy-preserving collaboration among institutions with our newly launched product, Silent Compute. We are inching towards a global convergence where the best of web2 and web3 architectures will solve for the general good and our privacy-preserving stack would be a key enabler."
Founded in 2021 by Jay Prakash (CEO) and Andrei Bytes (CTO), Silence Laboratories is a privacy tech company that enables enterprises to adopt privacy-enhancing technologies through a fusion of cryptography and security engineering.
The startup believes that privacy-enhancing technologies (PETs) like multi-party computation (MPC) are powerful tools to achieve necessary decentralization in managing secrets, be it private keys of digital assets or enterprise data. In doing so the team has built software stacks based on the powerful fusion of learnings from economic securities and the transparency of blockchains, cryptographic guarantees of PETs and the value-oriented product mindsets of fintechs.
Anurag Arjun, from Kira Studio and Ex Co-founder Polygon, said, "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!"
The startup claims that it already has one of the fastest distributed signature (authorization) libraries in production, which has been audited by some of the best security auditing companies like Trail of Bits. These libraries have led to the establishment of strong partnerships with digital asset infrastructure and protocol companies like BitGo, MetaMask, EigenLayer, Biconomy and EasyCrypto.
"SL is currently reworking the consent management framework, as existing consent mechanisms permit data transfer, and data replications, do not guarantee deletion after usage, and can sometimes act as a substitute for privacy. We hold the view that data should remain stationary at its source, while only inferences should be transferred. We are primarily focused on improving the speed of collaborative computations and supporting complex functions," Jay added.
