According to Foresight News, Niobium, a provider of custom encryption chips focused on zero-trust computing, has successfully raised $5.5 million in seed funding. The round was led by Fusion Fund, with participation from Morgan Creek Capital, Rev1 Ventures, Ohio Innovation Fund, and Hale Capital. The funds will be used to explore the commercial applications of Fully Homomorphic Encryption (FHE) in various industries such as healthcare, finance, and blockchain. Additionally, Niobium plans to showcase its solution and initiate pilot projects in the fourth quarter of this year.
Niobium also intends to expand its software engineering team, enhance its existing intellectual property protection, and continue optimizing its FHE hardware products. The company, a spin-off from Galois, is currently developing and commercializing FHE accelerator chips.