Cosmian, a Paris-based end-to-end encryption startup, has successfully raised €1.4 million just eight months after its inception. The company’s groundbreaking approach reconciles the extremes of data encryption and analysis, leveraging cutting-edge computational methods derived from French research.
The startup’s rapid success and the buzz surrounding it can be attributed to its innovative solution to the private data paradox: encrypting data to prevent misuse while offering a platform that facilitates its interpretation. “Previously, data had to be decrypted before calculations could be performed,” explains Sandrine Murcia, Cosmian’s co-founder. “Now, this isn’t necessary, allowing entities to interact without fearing data sharing.”
Focusing on Health and Fintech’s sensible data protection
Several entities, especially in the banking, insurance, and healthcare sectors, are reportedly testing Cosmian’s promises. The company’s business model revolves around a subscription-based software that encrypts data for subsequent use by data scientists. “It’s a lightweight tool that doesn’t require extensive infrastructure deployment,” assures Murcia, addressing the common IT concerns about integrating numerous new tools. Another potential application includes industry collaborations to enhance energy efficiency or logistical processes.
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Encryption from academic excellence
Cosmian’s technology is rooted in French research. The startup developed its platform in collaboration with a research department specializing in functional encryption, affiliated with the École Normale Supérieure (ENS), the National Center for Scientific Research (CNRS), and the National Institute for Research in Computer Science and Automation (INRIA) at the Paris Sciences and Letters University (PSL).
Elaia identified and invested in Cosmian through its collaboration with PSL, even though the investment amount was smaller than the fund’s typical contributions. The fresh capital will enable Cosmian to expand its team with developers and salespeople, setting the stage for international expansion in the next eighteen months.
Source: Les Echos Business.