Cornami completes $50m Series C financing
Cornami has completed an early close to its over-subscribed $50m Series C financing led by SoftBank Vision Fund 2.
Looking to bring Fully Homomorphic Encryption (FHE) to market, Cornami said that 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) or intelligence insight.
The current costs and damages associated with cybercrimes and breaches are at the trillions-of-dollars level, which is driving regulatory requirements globally.
FHE is seen as a significant and critical technology to enable security across enterprise, industry, fintech, healthcare, academia and government markets. However, the challenge with FHE is that it 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,” said 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.”
“The availability of practical FHE introduces a sea change to the cloud computing marketplace and the entire information processing industry,” explained 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.”
This Series C funding will be used by Cornami to increase its outbound partner program activities as it focuses on bringing its products to market.