Softbank to Lead $ 50 Million Series C Funding for Cornami to Commercialize Real-Time Fully Homomorphic (FHE) Encryption | Associated press
CAMPBELL, Calif .– (BUSINESS WIRE) – October 7, 2021–
Cornami, Inc. – Cornami (named after a ‘Tsunami of Hearts’) announced today that it has finalized a close to its currently oversubscribed $ 50 million Series C funding led by SoftBank Vision 2 Fund commercialize fully homomorphic encryption (FHE). Other participants in this cycle include institutional investors as well as other existing investors and insiders.
FHE is a game-changer when it comes to cloud computing security because it allows you to extract analyzes of valuable data without ever deciphering the data to expose the underlying plain text data, be it sensitive intellectual property (IP), financial information, Personally Identifiable Information (PII), intelligence information or beyond. The current costs and damages associated with the growing number of cybercrime and offenses run into the trillions of dollars, dictating regulatory requirements globally. FHE is the important and critical technology for providing security in corporate, industrial, fintech, healthcare, academic and government markets. However, the challenge to date has been that FHE is too computationally intensive and expensive to be commercially practical. Cornami’s revolutionary TruStream® software compiler technology and reconfigurable compute matrix architecture scale without penalty to meet computational performance requirements that are critical to complex applications, including FHE.
“We believe data security and privacy are critical in 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 provide fully homomorphic encryption in real time, which will fundamentally change the way data is shared and monetized. We look forward to working with Dr. Walden Rhines and the Cornami team to support their ambition to bring fully homomorphic encryption-time to the market.
“The availability of practical fully homomorphic encryption is ushering in a sea change in the cloud computing market and across the information processing industry,” said Dr. Walden (Wally) Rhines, CEO of Cornami. “Data privacy and confidentiality are becoming achievable goals, allowing a wide range of services to become accessible while maintaining complete confidentiality of data, application and service outcomes. “
Jack Crawford, Founding Managing Partner of Impact Venture Capital, said: “Cornami’s management team are extremely experienced in compute and compute technologies and have successfully commercialized several new technologies throughout their careers. We believe Cornami’s technology is the catalyst for the next generation of data security and represents an ideal business for investment.
The Series C funding will allow Cornami to increase its outbound partner program activities as it focuses on bringing its products to market.
Cornami focuses on the deployment of intelligent computing in real-time environments. The company has developed a massively parallel reconfigurable compute matrix architecture to provide scalable processors to meet evolving computing needs for the ever-growing massive data sets of today and tomorrow. This game-changing software-defined technology delivers unprecedented linear scalability from thousands of cores on a single chip to millions on a system to meet customer performance, cost and power requirements. www.cornami.com
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SOURCE: Cornami, Inc.
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PUB: 07/10/2021 6:00 a.m. / DISC: 07/10/2021 6:01 a.m.
Copyright Business Wire 2021.