LOS ANGELES, Jan. 25, 2024 (GLOBE NEWSWIRE) -- Pyte, a leading data collaboration and computations company, was recognized as a Major Player in in the IDC MarketScape: Worldwide Data Clean Room Technology 2024 Vendor Assessment (January 2024).
"Data clean rooms technologies provide important capabilities, not available with the simple exchange of data, that enterprises require to create shared data and insight across a broad set of use cases that previously had to be done either with less data or via a trusted neutral third party," said Lynne Schneider, research director of Data as a Service and Data Marketplaces at IDC. "In the face of increasing privacy regulation, technological changes, and advances in privacy-preserving computation, these solutions are moving from theory to something that is practical."
The IDC 2024 MarketScape recognized Pyte as a Major Player for its data collaboration solution, SecureSuite, which enables two or more organizations to ascertain match rates, conduct data joins, build AI models and more, while keeping the data encrypted. SecureSuite is the only data collaboration solution that can compute encrypted data without the need for decryption at any point in the data lifecycle. Pyte’s clients are able to keep their data in their own cloud or on-premise environments at all times, enabling each company to maintain complete data sovereignty and control.
“Being named a Major Player in the IDC MarketScape is a reflection of Pyte’s commitment to building the most secure data collaboration solution,” said Sadegh Riazi, founder and CEO of Pyte. “At Pyte we are redefining what ‘end-to-end’ encryption means. Our unique approach to customer data encryption has resonated strongly with our enterprise customers, and we’re anticipating significant growth in 2024 and beyond.”
Pyte launched its enterprise solution in 2023, and recently announced SOC 2 Type 1 certification for its technology. Pyte’s private and secure data collaboration technology has been adopted by Fortune 100 companies for a range of use cases related to IP protection, consumer data enrichment and increasing the velocity of deal flow for data companies.
About Pyte
Pyte is a secure data collaboration solutions provider. The company’s cutting-edge technology allows for computation on encrypted data without decryption at any point in the data lifecycle, enabling enterprises to seamlessly leverage their data across cloud environments, partners, and jurisdictions while remaining privacy compliant and protecting against data breaches. Pyte’s patented SMPC cryptographic technology is based on a decade of academic research by Pyte’s co-founders Sadegh Riazi and Ilya Razenshteyn. The team consists of six PhDs, three of which are world-leading experts in secure computation, and three ICPC Gold Medalists. Investors in Pyte include Eric Schmidt and Jeff Dean. Headquartered in Los Angeles, Pyte has offices across North America and Europe. Visit us at www.pyte.ai.
About IDC MarketScape
IDC MarketScape vendor assessment model is designed to provide an overview of the competitive fitness of ICT (information and communications technology) suppliers in a given market. The research methodology utilizes a rigorous scoring methodology based on both qualitative and quantitative criteria that results in a single graphical illustration of each vendor’s position within a given market. IDC MarketScape provides a clear framework in which the product and service offerings, capabilities and strategies, and current Page 6 © IDC Visit us at IDC.com and follow us on Twitter: @IDC and future market success factors of IT and telecommunications vendors can be meaningfully compared. The framework also provides technology buyers with a 360-degree assessment of the strengths and weaknesses of current and prospective vendors.
