Cornami has completed an early close to its currently over-subscribed USD68 million Series C financing led by SoftBank Vision Fund 2 to bring Fully Homomorphic Encryption (FHE) to market.
Others participating in this round include institutional investors as well as other existing investors and insiders.
FHE is a game-changer in cloud-computing security as it allows for extracting valuable data analytics without ever decrypting the data to expose the underlying plaintext data, whether it is sensitive intellectual property (IP), financial information, personally identifiable information (PII), intelligence insight, or beyond. The current costs and damages associated with the growing number of cybercrimes and breaches are at the trillions-of-dollars level, which is driving regulatory requirements globally.
FHE is the significant and critical technology to enable security across enterprise, industry, fintech, healthcare, academia and government markets. However, the challenge to date has been that FHE is too computationally intensive and costly to be commercially practical. Cornami’s break-through TruStream software compiler technology and reconfigurable computational-fabric architecture scales without penalties to meet computing-performance requirements that are critical to complex applications, including FHE.
“We believe data security and privacy are critical to today’s data-driven economy,” says Dr Eric Chen, Managing Partner at Softbank Investment Advisers. “Cornami’s proprietary programming model and scalable architecture aims to deliver real-time Fully Homomorphic Encryption, which will fundamentally change how data is shared and monetised. We look forward to working with Dr Walden Rhines and the Cornami team to support their ambition of bringing real-time Fully Homomorphic Encryption to market.”
“The availability of practical Fully Homomorphic Encryption introduces a sea change to the cloud computing marketplace and the entire information processing industry,” says Dr Walden (Wally) Rhines, CEO of Cornami. “Privacy and data confidentiality become achievable goals, allowing a wide range of services to become accessible while maintaining full confidentiality of the data, the application, and service results.”
Jack Crawford, founding general partner at Impact Venture Capital, says: “The Cornami management team is extremely experienced in processing and computing technologies and has delivered multiple new technologies successfully to market throughout their careers. We believe that Cornami’s technology is the catalyst for the next-generation of data security and represents an ideal company for investment.”
Series C funding will allow Cornami to increase its outbound partner program activities as it focuses on bringing its products to market.