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Banks are showing interest in solutions based on homomorphic encryption, including for sharing information on cybercrime.

New Jersey-based Duality Technologies, a provider of privacy-enhancing data science solutions, today announced that it’s raised $16 million in a series A round led by Intel Capital, with participation from Hearst Ventures and existing investor Team8.

Now, a startup that has built a way to help safeguard against the threat of data breaches — using homomorphic encryption — is announcing funding, a sign of market demand and the opportunity it presents for cybersecurity.

Duality Technologies, a leading provider of Privacy Enhancing Technology (PET) Solutions based on Homomorphic Encryption, today announced it has been recognized as a “Cool Vendor” in the report titled “Cool Vendors in Privacy Preservation in Analytics” by Gartner, Inc.

In 2016, China launched Micius, the world’s first quantum communications-enabled satellite. For some, that launch may have eerily echoed the launch of the Soviet Union’s Sputnik satellite in 1957, which caught the United States off guard and spurred a decades-long contest to regain and maintain global technological and military supremacy.

Homomorphic encryption has often been referred to as the Holy Grail of encryption, since it allows computations to be carried out on encrypted data, without needing to decrypt it first.

The latest step in homomorphic encryption’s decade-long journey from dream to adoption was a standards meeting over the weekend of representatives from Google, Intel, Microsoft, and Duality Technologies, along with academics from around the world.

Intel, Microsoft Research and Duality Technologies are bringing nearly 100 security, privacy and artificial intelligence (AI) community members together to create standards for homomorphic encryption.

Duality’s solution? Homomorphic encryption. And some Big Tech companies are already interested in it.

Duality lets organizations collaborate on data science without sharing the actual data or data models. They accomplish this with homomorphic encryption, which allows data to remain encrypted across the entire sharing and analysis cycle.