(Update Jan. 15, 2018: Unbound Tech was previously known as Dyadic and all announcements about our Horizon 2020 Grant were made under the name Dyadic. This blog has been edited to reflect the new name.)
Cyber-Security Company Earmarks Funds To Enhance Technology Designed To Combat Data Breaches By Eliminating The Single-Point-Of-Failure In All Digital Security Systems
Tel Aviv, February 18, 2015 – Unbound Tech, the visionary cyber security company pioneering a unique next generation digital assets protection solution, has announced the winning of a prestigious Horizon 2020 Phase 2 SME Instrument Phase 2 Grant of €2,000,000. Dyadic’s grant is in the ICT category (Information and Communications Technology). This was the most competitive category, attracting the highest number of applicants and focusing on Open Disruptive Innovation. Funds were granted to 78 companies only, out of 580 applicants in total. Unbound was the only Israeli company to receive the grant, out of 17 applicants. The SME instrument is a new program dedicated to filling the gaps in funding for the early stages of research and innovation, and accelerating the exploitation of innovation. This was the first round of grants offered in the program.
Founded on the science of cryptography by world-leading cyber-security experts, Unbound’s unique breakthrough vHSM (Virtual Hardware Security Module) is the first to solve the inherent problem of a single-point-of-failure in all current security systems. It enables enterprises and organizations to fully protect their digital assets by randomly splitting digital keys and credentials across servers to ensure that they are never in any single place at the same time from where they can be stolen. The solution offers the highest level of security, in an easy to use software-only solution. Unbound provides protection even in the event of a breach, no matter what data, applications, or platforms are in use.
“We are very proud to have been selected for an illustrious Horizon 2020 SME Instrument grant”, says Professor Yehuda Lindell, Chief Scientist and Co-Founder of Unbound: “These funds, and the vote of confidence and support that they express from the European Commission, will enable us to support further product development, enhance our technology platform and expand our market presence. Our mission is clear: we aim to help create a more secure corporate world and change the way companies protect their data, by providing innovative next generation security solutions in a smarter, more efficient, flexible and affordable way”.
Unbound also successfully closed a first round of funding from Innovation Endeavors, an international evergreen VC fund, with an investment round of $3,000,000 to support further technology development and revenue growth.
Yuval Shachar, Investment Partner at Innovation Endeavors added: “Innovation Endeavors is excited to partner with Dyadic, given their world-class team and breakthrough cryptographic approach to data center cyber security. We are confident in Dyadic’s strategy and committed to supporting the company’s growth and ongoing success within the global cyber security industry”.