March 24, 2024, Burlingame, California — P101 SGR (“P101”) and the CYSERO EuVECA fund enter the capital of DataKrypto with a total investment of 3 million Euros carried out equally.
Funding in DataKrypto’s Design and Development of the World’s First Performant Homomorphic Encryption Solution for Data and Transaction Protection Fuels Company’s Planned European Expansion
Founded in 2021 in Silicon Valley, DataKrypto supports its global clients by designing and developing solutions for data and transaction protection using homomorphic encryption, a state-of-the-art technology with world-unique features.
As a result of this operation, the Cysero fund and P101 will hold a qualified minority stake in DataKrypto, while the majority will remain with the founder of the company and current President, Luigi Caramico.
DataKrypto is the ninth investment of the Cysero EuVECA fund, promoted by AVM Gestioni SGR S.p.a. EuVECA Manager Benefit Company, together with Kilometro Rosso – Scientific and Technological Park of Bergamo – to support the development of new enterprises in the fields of robotics and cybersecurity.
P101 made the investment through two managed funds, Programma 103 and Azimut Eltif Venture Capital P103. The operation announced today represents, in particular, the seventh investment carried out through Programma 103 in about twelve months, i.e., since the start of its operation. The investment in DataKrypto follows those previously made by P101 in the cybersecurity sector, confirming the relevance of a strategic sector characterized not only by a high technological component but also by strong development potential.
Thanks to today’s announced deal, the new investors will be able to support the growth phase in the European market – especially in Italy – of a highly innovative technology developed in the USA by Luigi Caramico, a pioneer in the field with over 25 years of experience in Silicon Valley. The operation has also led to a reorganization of DataKrypto with the establishment of a new Headquarters in Italy (Rome), which now also oversees the US activities.
The company has a team of 22 people and a turnover that exceeded 3 million Euros in 2023 (over 2.5x the turnover of 2022). DataKrypto will use the new capital raised to continue to develop its Fully Homomorphic Encryption solution and its products, especially by strengthening applications related to advanced algorithms and Artificial Intelligence.
DataKrypto’s solutions are adopted in multiple areas: its flagship products, FHEnom™ and FHEnom™ for Images, are used from the software sector to healthcare, integrating with existing solutions and adding further layers of security. The commitment to innovation and security has led DataKrypto to develop solutions that ensure data protection throughout their lifecycle with unparalleled end-to-end protection.
“This operation marks a decisive turning point for DataKrypto, consolidating our commitment to innovation in the field of Privacy Enhancing Technologies. In a few years, we have managed to establish ourselves as leaders in creating Fully Homomorphic Encryption solutions, solving technological problems that have delayed the commercial adoption of these solutions for many years. Our technology has allowed us to gain the trust of a broad client portfolio in sectors such as Telecommunications, Healthcare, Manufacturing industry, and even SaaS solutions. About 80% of our turnover is generated in the United States, reflecting our ability to effectively respond to the needs of a demanding and constantly evolving global market,” said Luigi Caramico, President of DataKrypto. “With the support of strategic partners like P101 and Cysero, we are committed to expanding our presence and intensifying our impact in Italy and the entire EMEA region, especially by accelerating the expansion of our R&D hub in Italy.”
“We are extremely proud of the investment in DataKrypto, an international deep-tech company with strong Italian roots that, through innovative use of homomorphic encryption, has the potential to revolutionize big data processing, enabling the management of complex data securely and privately. We believe DataKrypto has great development potential and can aim to redefine security standards in the digital landscape, shaping the future of cybersecurity, which must ensure the coexistence of constant innovation and privacy,” declared Giuseppe Donvito, Partner at P101. “We have put the expertise gained by the P101 team in the sector at the service of this operation and we look forward to supporting the new growth phase of DataKrypto, the seventh investment made through Programma 103 just 12 months after its launch.”
“We are convinced that DataKrypto has a very high growth potential thanks to its innovative business,” emphasizes Giovanna Dossena – Founder and Principal of AVM Gestioni SGR.“The applications that the Cysero fund is studying range from robotics to cybersecurity, from artificial intelligence to the developments of new technologies.”
According to Luca Todesco, key member of the Cysero Fund who led the team in this operation: “It is a matter of pride to have made an extremely advanced technology Italian; without the contribution of the funds, this result would hardly have been achieved. Homomorphic encryption is the future of this sector. Investing in a company that deals with this represents a novelty in the Italian landscape.”
This operation benefited from support from the European Union under the InvestEU Fund.
About DataKrypto
DataKrypto is pioneering the future of data security with its groundbreaking fully homomorphic encryption (FHE) technology. FHEnom™, phenomenally fast FHE from DataKrypto, is the first and only solution to provide continuous encryption for all data types in near real-time, protecting information throughout its lifecycle, and in particular, data in use.
Operating at unprecedented speeds, FHEnom™ enables organizations to harness the full potential of their data without compromising security or performance. FIPS-validated, the solution seamlessly integrates into existing architectures, supporting innovation and collaboration while ensuring compliance with stringent data protection standards.
DataKrypto’s mission is to enable encryption by design, empowering customers to integrate continuous encryption into the core architecture of their applications and embrace innovation without compromising privacy. For more information about DataKrypto’s FHE solutions, visit www.datakrypto.com.
Media Contact:
Liz Youngs
Trier and Company for DataKrypto
Mobile: +1-843-412-6327
Email: lizyoungs@triercompany.com