Duality, a security startup co-founded by the creator of homomorphic encryption, raises $16M

The ubiquity of APIs and cloud solutions have opened up a world of interesting ways for businesses to create a service without having to build every part of it themselves. But they have unleashed something else, too: an increased risk of breaches resulting from data being moved and used in multiple places and in multiple ways. Now, a startup that has built a way to help safeguard against that threat — using homomorphic encryption — is announcing funding, a sign of market demand and the opportunity it presents for cybersecurity.

Duality, which builds solutions based on homomorphic encryption — a technique that encrypts an organization’s data in a way that lets it stay encrypted even as the company collaborates with third parties that also process the data — is today announcing that it has raised $16 million in funding.

The Series A round is being led by Intel Capital, with participation from Hearst Ventures and Team8.

Team8 is the heavyweight Israeli cybersecurity incubator that counts Intel as a strategic partner and itself has an impressive list of backers, including Microsoft, Walmart, Eric Schmidt and Accenture.

Intel is a financial and strategic backer here: last year the two worked

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