Dyadic Security has announced a $12 million fundraise to boost its enterprise security offerings.
The U.S. startup said Tuesday (March 14) that the Series B funding was led by Goldman Sachs Principal Strategic Investments, Citi Ventures and Innovation Endeavors. Dyadic will use the funds to scale marketing and sales efforts across North America, according to the firm.
Dyadic enables enterprises with data security solutions and a way to manage cryptographic keys. The company created what it says is the world’s first software-defined cryptography (SDC) technology.
“Dyadic has changed the game for financial institutions and enterprise companies in how they protect sensitive data assets,” said Dyadic CEO and cofounder Avner Mor in a statement. “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 cloud-based infrastructure.”
According to the firm, its solution enables businesses to reduce dependence on physical hardware and tokens and migrate toward virtual solutions to manage cryptographic keys in-premise or in the cloud.
“The rise of software-defined cryptography has changed the risk landscape for our firm,” said Goldman Sachs Managing Director and Chief Security Architect David LaBianca in another statement. “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.”