A startup called Silence Laboratories has recently announced that it has secured $4.1 million in funding. Pi Ventures and Kira Studio co-led the funding round, bringing the total amount raised by the startup to $6 million, with additional support from angel investors. The funding will be used to expand the team and enhance research and development efforts.
Silence Laboratories specializes in building infrastructure using multiparty computation (MPC) to help enterprises protect and keep their data private and secure. This technology allows two or more parties to collaborate on processing without exposing sensitive information to each other.
Founded in 2021 by Dr. Jay Prakash (CEO), Dr. Andrei Bytes (CTO), and Dr. Tony Quek, Silence Laboratories initially started as a multifactor authentication (MFA) company before pivoting to focus on cryptographic security. The startup has identified a market fit in privacy-preserving decentralized authorization and computation, particularly as concerns over data privacy continue to rise globally.
The outfit offers two products using MPC technology – Silent Shard and Silent Compute. These products allow enterprises to limit the risk of exposing private keys and implement advanced authorization rules while collaborating on processing information without revealing private data to third parties. More than 20 enterprise customers, including BitGo, MetaMask, and EigenLayer, use Silence Laboratories’ products.
With the market for privacy-enhancing technologies like MPC projected to reach $25.8 billion by 2033, investors and industry experts are optimistic about the potential of Silence Laboratories. Anurag Arjun, a founding partner of Kira Studio, praised the team’s deep cryptography expertise and groundbreaking products in privacy and authentication infrastructure, highlighting the growing importance of privacy-preserving infrastructure in blockchain and fintech industries.
