Enabling a Secure Collaborative Data Science World – Duality Series B Funding

Alon Kaufman|
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Enabling a Secure Collaborative Data Science World – Duality Series B Funding

Alon Kaufman|
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It was early in 2017 that we started Duality, envisioning a future where organizations, enterprises and people can truly collaborate to leverage the data in their possession to drive better and more intelligent decisions, without worrying about compromising the privacy of the data or the risks of leaking valuable business information. We envisioned a world where data could be used and kept confidential at the same time. A world where data science is collaborative, where data owners securely and safely join forces among themselves and with external experts on extracting value from data. A world where cloud services are safely used without the concern that data might leak or be stolen while leveraging the huge advantages offered by cloud computing.

In this future, banks could efficiently and effectively prevent financial crime by collaborating without exposing any private customers’ data. In this future, health organizations around the world could jointly analyze COVID-related data leading to more accurate and efficient conclusions on how to manage the pandemic without revealing personal health information. And in this future, personalized marketing campaigns, customer recommendation engines and business insights could be derived by partnering even with competing organizations without the need to share any sensitive information. This dual nature of both leveraging data while also keeping it protected at the same time, led to naming our company Duality!

Duality, powered by the world’s brightest minds, including Turing laureate Professor Shafi Goldwasser, enables customers and partners to better fight financial crime or more accurately leverage data from real world evidence studies. Our SecurePlus® suite allows running queries, statistics, and machine learning models on data, while the data is protected at all times by strong encryption. We have excelled in offering products based on this advanced technology known as homomorphic encryption, while combining it with optimized data science capabilities. This has led to ground-breaking results that just 2-3 years ago were thought to be impossible.

Looking Ahead Post Our Series B Funding

Today I’m excited to share that we’ve raised a $30M Series B financing — and we will use this as an opportunity to expand our go-to-market operations, enter into additional verticals, and scale our platform and team. With a total of $49 million that we have raised to date, Duality has established itself as a leader in the privacy-enhancing-technologies (PETs) category, allowing our customers to securely apply data science and advanced analytics in a collaborative way.

When we started our journey, homomorphic encryption was a research topic, and the term PET was not even coined… In the last 4 years we have built and brought to the market a suite of products that combine homomorphic encryption and other PETs with data science capabilities. We have engaged very closely with our customers and partners to solve their business challenges and developed very strong go-to-market partnerships.

Looking ahead, it’s clear that digital privacy and confidentiality concerns are limiting the rapid development of the data-driven world. Since these two concerns are critical and are at the heart of nearly any business, the next growth frontier in data science depends on addressing these challenges. Accordingly, at Duality we will focus on unlocking the value of collaborative data science while protecting privacy and confidentiality, leveraging the strongest encryption capabilities.

In the coming years we should expect to see:

    • Additional industries adopting the vision of secure collaborative data science — starting from healthcare, government and telecommunications and moving to automotive, semiconductors, logistics, energy and more
    • Regulators driving entities under their jurisdiction to adopt privacy-protected collaboration tools. (Duality’s technology already exceeds the requirements of current data privacy regulations (such as CCPA, GDPR and others) and we are seeing regulators actively evaluating PETs)
    • Cloud vendors offering data-science capabilities with multiple types of PETs baked into their offerings — initially for industry-specific solutions, and later broadened for generic offerings

A Unified Team with a Shared Vision

Duality will continue to build towards its vision, investing in our customers, people and products, to broaden our secure analysis capabilities, and continuously accelerating performance. Our awesome team of employees, advisors and investors share the vision and the journey. We highly appreciate and express gratitude for their ongoing support. A company at the end of the day is all about the people behind it that make the dreams come true. We are fortunate to have the best people possible surrounding us and taking part in building the secure collaborative data science vision. We will continue to invest in our people, with a focus on personal and professional development as we grow the team and the customer base. We could not be more excited by the journey ahead!

Thank you all so much for your support!

Alon Kaufman, CEO

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