Estonian ICT company receives €1.3 million grant from European Commission

A presentation on Cybernetica's Sharemind technology at Nordic Day 2016.
A presentation on Cybernetica's Sharemind technology at Nordic Day 2016. Source: (Paul Maltby/Twitter)

The European Commission and Tallinn-based ICT company Cybernetica have signed a €1.3 million grant agreement for the BiggerDecision EU project in the framework of Horizon 2020, directed toward the business development of Sharemind technology over an 18-month project period.

Dan Bogdanov, the creator of Sharemind and head of the Privacy Technologies Department at Cybernetica, said in a press release that the grant will allow for a significant leap toward international business growth.

"While we have developed the technology for a decade already, we are currently in the process of significantly increasing our commercial efforts on 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 project solutions."

Sharemind technology has already been successfully used in several EU research projects and is the flagship product of the company's Privacy Technologies Department. "This is a strategic investment not only for the growth of Sharemind, but for Cybernetica as a whole," Cybernetica CEO Oliver Väärtnõu 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," he continued. "This grant gives us excellent leverage to do so."

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

Editor: Aili Vahtla

Source: BNS

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