Dyadic Security, a Software-Defined Cryptography (SDC) developer, has announced the completion of a $12 million Series B funding round led by Goldman Sachs Principal Strategic Investments, Citi Ventures and Eric Schmidt (News - Alert)'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, 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 security and usability in managing cryptographic keys. Founded by world-renowned cryptography experts and a strong team of applied crypto software engineers, Dyadic has an SDC technology, called Dyadic vHSM (virtual Hardware Security Module).
Dyadic vHSM is designed to enable enterprises to shift away from a 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, 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.”