NEW YORK, March 14, 2017 /PRNewswire/ --
Dyadic Security (Dyadic), the world leader in Software-Defined Cryptography (SDC), announced today the completion of a $12 million Series B funding round led by Goldman Sachs Principal Strategic Investments, Citi Ventures and Eric Schmidt's Innovation Endeavors. The funding round will be used to expand Dyadic's sales and marketing operations in North America. As part of the investment, Innovation Endeavors' Yuval Shachar has been named Chairman of the Dyadic Board of Directors.
"Dyadic has changed the game for financial institutions and enterprise companies in how they protect sensitive data assets," said Avner Mor, CEO and Co-founder of Dyadic. "Based on decades of research in Multiparty Computation (MPC), our MPC-based technology helps our customers overcome the tremendous security and compliance challenges they face as they make the transition to a cloud-based infrastructure."
Dyadic provides enterprise customers and financial institutions both security and usability in managing their cryptographic keys, rather than the traditional tradeoff. Founded by world-renowned cryptography experts and a strong team of applied crypto software engineers, Dyadic has created the world's first SDC technology, called Dyadic vHSM (virtual Hardware Security Module).
Dyadic vHSM enables enterprises to shift away from their reliance on dedicated secure hardware such as Hardware Security Modules (HSM), smartcards and hardware tokens, which are physical devices in which digital keys are stored, to virtual modules that allow them to securely store, manage and use their cryptographic keys on any platform, from servers and laptops to smartphones and IoT devices - on premises or in the cloud. Today, Dyadic's products are deployed around the world in several leading Fortune 500 companies.
"The rise of software-defined cryptography has changed the risk landscape for our firm," said David LaBianca, Managing Director and Chief Security Architect at Goldman Sachs. "As enterprises across industries continue to adopt cloud-based solutions, we believe that SDC will create new opportunities to build and evolve in more secure and scalable ways that hardware security modules have limited us from achieving."
Enterprises and banks have traditionally relied on costly, rigid hardware-based security modules to meet security and compliance requirements for handling sensitive operations such as identity, payments and data protection. With Dyadic vHSM, enterprises now can implement a more efficient, cost-effective and seamless security solution that combines the usability, flexibility and scalability of software, with the security guarantees of hardware.
"As institutions increasingly shift toward the cloud, and connected devices proliferate with enormous scale and variety, there's a growing need for fully virtual key protection systems that match the agility and scalability of cloud infrastructure," said Arvind Purushotham, Managing Director and Global Head of Venture Investing at Citi Ventures. "Dyadic's technology caters to the needs of increasingly digital enterprises, and matches the security level of traditional systems while being more usable and cost-effective."
"Our approach at Innovation Endeavors is to work with companies that can not only think big when it comes to problem solving, but also have the technical know-how and leadership to build a product that overcomes those challenges," said Yuval Shachar, Partner, Innovation Endeavors. "Dyadic is a perfect example of such a company and we are thrilled to follow up our initial investment in the Company and participate in Dyadic's Series B."
About Dyadic Security
Dyadic Security, the world leader in software defined cryptography, delivers a pure-software platform that is reinventing identity and data protection for the digital age. Merging seamlessly with existing environments and applications, Dyadic provides a solid, yet flexible platform that creates a secure foundation for enterprises to innovate and grow digital. Dyadic is a funding recipient of the European Union's Horizon 2020 research and innovation program.
About Goldman Sachs
The Goldman Sachs Principal Strategic Investments (PSI) group seeks to make long-term strategic investments in fast growing technology companies. The global team of investment professionals is deeply connected across Goldman Sachs' Securities Division as well as Technology and Operations groups. The PSI group's investments focus on market infrastructure, financial technology and enterprise technology companies, and often engage in a strategic relationship that may include joint product development, IP licensing arrangements, service provision arrangements and market participation agreements. For more information on the PSI group, click here: http://www.goldmansachs.com/what-we-do/investing-and-lending/principal-strategic-investments/psi.html
About Citi Ventures
Citi Ventures accelerates innovation at Citi through a strategic focus on investing in, piloting and commercializing new solutions with the potential to transform the future of financial services. Headquartered in Silicon Valley with offices in San Francisco and New York, Citi Ventures aims to cultivate next-generation experiences for Citi's customers by investing in startups, experimenting with new technologies through its global lab network, and driving enterprise-wide, lean startup-based growth initiatives across Citi's businesses. The team focuses in five key areas: Financial Services & Technology, Commerce & Payments, Security & Enterprise IT, Data Analytics & Machine Intelligence, and Marketing & Customer Experience. Citi Ventures accelerates its portfolio companies' ability to scale through collaboration with Citi's global businesses and industry experts. For more information visit: http://ventures.citi.com/
About Innovation Endeavors
Innovation Endeavors is an early-stage venture capital firm partnering with startups that apply cutting edge technology to transform large industries. The firm runs a dedicated global team and builds industry networks to create value for its portfolio companies. Innovation Endeavors has offices in Silicon Valley and Tel-Aviv, and is solely backed by Eric Schmidt, the Executive Chairman of Alphabet Inc. Please visit http://www.innovationendeavors.com to learn more.
SOURCE Dyadic Security (Dyadic)