This startup built privacy tech for Sam Altman's eye-scanning project. Read the pitch deck it used to raise $5.5 million.

An innovative startup based in Austria has successfully secured $5.5 million in seed funding to advance its groundbreaking encryption technology, which allows for the sharing of private data without the need for decryption. Backed by prominent investors such as A16z and Archetype VC, Taceo aims to revolutionize how sensitive information is verified and computed. Founded in 2022, Taceo has developed a unique software solution that enables businesses—like payment processors and hospitals—to conduct operations without exposing private data. "Our technology allows algorithms to run on encrypted data, ensuring privacy while delivering essential services," explained Lukas Helminger, co-founder and CEO, in an interview with Business Insider. The startup's innovative cryptographic tool, known as coSNARKs, combines two encryption methodologies. Helminger noted that while the code is open source, it operates on a proprietary cryptographic network. Taceo plans to implement a usage-based pricing model or a flat fee for access to its services. Significantly, Taceo developed its encryption software for World, a startup led by Sam Altman focused on iris-scanning verification. This collaboration emerged after Taceo's team connected with World representatives at a blockchain conference at Stanford University. To date, Taceo's technology has been instrumental in encrypting the biometric data of over 14 million users, utilizing World’s eye-scanning orbs for identity verification. Describing the synergy of their work, Helminger remarked, "This is like a blend between Silicon Valley innovation and German engineering." The partnership with World has already generated some revenue for Taceo. With the new investment, Taceo plans to expand its workforce from 12 to between 18 and 20 employees and intensify its research and development efforts. Helminger highlighted the startup's focus on tackling the computational challenges of encrypting data for artificial intelligence applications—an area he described as one of the most difficult to navigate due to its resource-intensive nature. In the coming months, Taceo will target clients within the financial services sector while positioning itself for future AI applications. The seed funding round was led by Archetype VC, with participation from A16z CSX, Cyber.Fund, a_capital, and Polymorphic Capital.