Estonian ICT company Cybernetica and the European Commission have signed a grant agreement in the amount of €1.3 million, directed towards the business development of the firm’s Sharemind technology over the course of eighteen months.
According to Dan Bogdanov, the creator of Sharemind and the head of privacy technologies department at Cybernetica, 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 in a statement. “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.”
Sharemind technology has already been successfully used in several EU research projects and is the flagship product of the privacy technologies department of Cybernetica. It’s a tool for privacy-preserving data analytics that utilises secure multiparty computation to process encrypted data.
Cybernetica is an Estonian ICT company that researches, develops and manufactures software solutions, maritime surveillance and radio communications systems.
The cover image is illustrative.