Paris, March 2019 – Cosmian, a startup in post-quantum encryption and blockchain technology, has successfully secured a seed round of €1.4 million. This round was spearheaded by Elaia and saw participation from Acequia Capital, Financière de Blacailloux (Fiblac), and esteemed business angels like Florian Douetteau (CEO, Dataiku) and Julien Lemoine (CTO, Algolia). Elaia has taken the lead in this investment through its two active funds: Elaia Delta Fund and PSL Innovation Fund.
The Imperative of “Privacy-by-Design” in Today’s Data Economy
The data economy is central to the surge of innovative services spanning sectors like finance and healthcare. The primary challenge is integrating “privacy-by-design” solutions, ensuring data protection while fostering growth. In this paradigm, accessing the actual data becomes redundant, bolstering data security.
Cosmian’s Vision: Addressing the Private Data Conundrum
Cosmian is at the forefront of startups in post-quantum encryption, developing the first-ever private data intelligence platform that is decentralized and privacy-centric. This platform encrypts data, allowing computations on the encrypted data without exposing the underlying information. The uniqueness of Cosmian’s platform is not just its encryption technologies but also its creation of a trusted environment, which manages computation authorizations through mathematical consent.
Leveraging French Research Innovations
Cosmian harnesses cutting-edge encryption technologies, especially the recent breakthroughs in functional and homomorphic encryption. These advancements enable queries on encrypted private data without revealing the actual data. The platform’s development is in collaboration with David Pointcheval’s cryptography team, a global leader in functional encryption research, affiliated with Paris University Sciences and Letters.
The Expanding Horizon of Data Protection and Privacy
Gartner’s projections indicate that global business security expenditure could touch $96.3 billion in 2018. By 2020, over 60% of businesses are expected to invest in diverse data security tools, marking a 35% increase from the present.
Team Insights
Cosmian’s core team comprises seasoned tech enthusiasts:
- Sandrine Murcia (CEO): Former European Marketing Director at Google; has experience with Microsoft and P&G.
- Raphael Auphan (COO): Ex-CEO of Scilab; founder of Zyken.
- Bruno Grieder (CTO): Founder and ex-CTO at Amalto Technologies.
With the recent funding, Cosmian aims to onboard top-tier developers and researchers.
Sandrine Murcia, CEO, Cosmian states, “Cosmian is addressing the ‘Paradox of Private Data’. We enable computations on encrypted data without revealing the underlying information. Our solutions cater to businesses that utilize private data, ensuring compliance and reducing non-confidentiality risks.”
Xavier Lazarus, Partner, Elaia comments, “Cosmian’s vision of bringing technological advances to the economic realm resonated with us. Their potential to revolutionize the industry is evident.”
David Pointcheval, Director, Computer Science Department ENS/CNRS/Inria adds, “Our team’s ‘privacy-by-design’ cryptographic mechanisms align with Cosmian’s ambition. We’re eager to see our research contribute to this platform.”
About Cosmian
Established in 2018, Cosmian is a startup in post-quantum encryption. Cosmian’s mission is to lead the global market in embedding functional & homomorphic encryption schemes within business applications across various industries, ensuring data protection and privacy.
For more details, visit Cosmian’s Official Site.
About Elaia
Founded in 2002, Elaia is a premier venture capital firm, emphasizing the digital economy and deep tech. With assets exceeding €350m, Elaia invests in disruptive startups, guiding them from their initial stages to global leadership. Elaia’s portfolio includes tech giants like Criteo, Sigfox, and Mirakl.
Discover more at Elaia’s Official Site.