Estonia, EU – Baltic States, Financial Services, Funds, Investments, Technology

Dan Bogdanov, the creator of Sharemind and head of the privacy technologies department at Cybernetica, said in a press release that the grant allows for a significant leap towards international business growth.

"While we have developed the technology for already a decade, we are currently in the process of significantly increasing our commercial efforts in the global market," Bogdanov said. "We are delighted to see that the European Commission sees the potential in Sharemind, attesting to another stellar example of how science and research results in tangible product solutions," he added.

Sharemind technology has already been successfully used in several EU research projects and it is the flagship product of the privacy technologies department of Cybernetica. "This is a strategic investment for not only the growth of Sharemind, but for Cybernetica as a whole," CEO of Cybernetica Oliver Vaartnou said.

"We are constantly increasing our business operations in export markets, and with the current state of affairs in the data protection field, we see a huge growth opportunity for Sharemind. This grant gives us excellent leverage to do this," Vaartnou said.

Sharemind is a tool for privacy-preserving data analytics, which utilizes secure multi-party computation to process encrypted data.