European Commission signs 1.3MEUR grant agreement with Cybernetica

05. Sep 2017

European Commission and Cybernetica have signed a grant agreement for the BiggerDecision EU project in the H2020 framework, directed towards the business development of Sharemind technology over the course of the eighteen month project period.

According to Dan Bogdanov, the creator of Sharemind and 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 says. „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,“ Bogdanov adds.

Sharemind technology has already been successfully used in several EU research projects and 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,“ says Oliver Väärtnõu, CEO of Cybernetica. „We are constantly increasing our business operations in export markets, and with the current state of affairs in data protection field, we see a huge growth opportunity for Sharemind. This grant gives us excellent leverage to do this,“ Väärtnõu adds.

Sharemind is a tool for privacy-preserving data analytics, which utilises secure multiparty computation to process encrypted data. More information on Sharemind can be found here: Sharemind