(Update Jan. 15, 2018: Unbound Tech was previously known as Dyadic and all Series B announcements were made under the name Dyadic. This blog has been edited to reflect the new name.)
Last week Unbound announced that we closed a $12M Series B funding round led by Goldman Sachs Principal Strategic Investments, and joined by Citi Ventures and Eric Schmidt’s Innovation Endeavors.
This achievement has been both inspiring and humbling for myself and for my co-founders, Prof. Yehuda Lindell, Guy Peer and Prof. Nigel Smart. In the going through the process of this round, we realized how much Unbound has grown – not only as a company, but also as a product. Our customers have given us remarkable support, by sharing their overwhelmingly positive feedback on our technology’s strength, ease of implementation and they value they get from Unbound’s scalability, elasticity and provisioning automation.
Building a Successful Startup: Three Things That Work
Friends and colleagues often ask me what they should look for when joining a startup. What are the indicators of a startup with a real change to succeed? My answer is these three things:
The first and the most important one is the team’s personal attributes. There must be trust and friendship between founders to sustain the passion and perseverance needed to make the strenuous journey together. At Unbound we are blessed with these qualities. Our leadership style is informal, egalitarian which creates an environment of that enables daring, risk, speed, and agility.
#2: The Second: Substantial Technology
The second indicator to look for in successful startup is a substantial technology that has the power to change the world. Unbound has it big time – we are the leaders in efficient implementation of Multiparty Computation (MPC) and this technology is in position to reinvent identity, security and privacy infrastructure for the digital age.
And last, but not least, is being fundable.
For the past two years, we have strategically and conscientiously kept our burn rate low while we searched for our product market fit and defined a scalable and repeatable sales model. Now that we have reached these milestones, this is the moment where we do 180°, aggressively pushing that accelerator pedal by investing in sales and marketing to scale the business as fast as possible.
I believe all the attributes above are necessary – but they aren’t enough. Years ago, I adopted General Colin Powell’s statement, “Perpetual optimism is a force multiplier.” The ripple effect of a leader’s enthusiasm and optimism is awesome. In General Powell’s own words, “I am talking about a gung-ho attitude that says ‘we can change things here, we can achieve awesome goals, we can be the best. ‘Spare me the grim litany of the ‘realist;’ give me the unrealistic aspirations of the optimist any day.”
Thank you to Goldman Sachs, Citi Ventures and Innovation Endeavors for your confidence and support. Now the real work begins! Let’s work together to grow Unbound into a $1B company that reshapes the modern crypto world.