Summary:
Taceo developed encryption software that allows data verification without decryption, enhancing privacy.
Their technology, coSNARKs, is open-source and used by Sam Altman's World for encrypting 14 million iris scans.
Raised $5.5M in seed funding from A16z, Archetype VC, and others to expand the team and R&D efforts.
Focusing on financial services and AI applications, despite the computational challenges.
The 19-page pitch deck played a key role in securing the investment.
Taceo's Breakthrough in Privacy Technology
An Austrian startup, Taceo, has made waves in the tech industry by developing innovative encryption software that allows organizations to verify or compute information without decrypting it. This groundbreaking technology has already been applied to Sam Altman's World project, encrypting biometric data for over 14 million people.
The Technology Behind Taceo
Taceo combines two encryption techniques to create a cryptographic tool called coSNARKs. This open-source solution operates on a cryptographic network, with plans to charge customers based on usage or a flat rate.
Funding and Future Plans
- $5.5 million seed round led by Archetype VC, with participation from A16z CSX, Cyber.Fund, a_capital, and Polymorphic Capital.
- Aim to grow the team from 12 to 20 people and focus on R&D to tackle computational challenges in AI encryption.
- Target sectors include financial services and AI applications, despite the computational intensity.
The Pitch Deck That Made It Happen
The startup's 19-page pitch deck was instrumental in securing funding, showcasing their unique technology and vision for the future of data privacy.
The Taceo team.
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