Niobium Secures $5.5 Million in Venture Financing to Commercialize FHE Accelerator Chip
Summary
DAYTON, Ohio, May 7, 2024-- Niobium today announced the completion of a $5.5 million seed fundraising round, marking a substantial step towards its future growth and development. Over the past two years, Niobium has received significant non-dilutive capital through federal programs focused on the development of the first dedicated hardware capable of advancing FHE into commercial applications. Niobium will leverage this new funding to develop commercial applications for FHE acceleration, including healthcare and pharmaceutical research, financial fraud detection, blockchain public ledgers, digital advertising, and other use cases where sharing and analyzing data while maintaining complete privacy is paramount. The potential of computing encrypted data without compromising an individuals privacy is immense, and Niobium is leading the charge in making this a practical reality for businesses worldwide. This technology keeps data encrypted even during computing, enabling a new class of multi-party machine learning and statistical analysis applications with mathematically guaranteed privacy.