USEncryption Awarded Competitive Grant from the National Science Foundation
Orlando, Fla. (November 20, 2019) – One of the biggest cybersecurity threats today happens every time confidential data needs to be analyzed by ever more customary algorithms. These types of algorithms conduct health research, financial studies, targeted advertising or military training.
While data can be encrypted in transit or storage, it still must be unencrypted to be processed, leaving the data open to attack or theft.
A company operating out of the UCF Research Park Innovation District believes it has found the solution to keeping data encrypted at all times, including during use.
This patent-pending solution was born from the work of two professors of physics: Eduardo Mucciolo, of the University of Central Florida and Claudio Chamon, of Boston University. Their years of research in the areas of quantum information processing and quantum computing now have the potential to solve an urgent issue that has baffled cybersecurity experts who know the risks taken when certain data, like medical records and financial information, is used in an unsecure environment.
To help move the technology forward, the National Science Foundation awarded USEncryption a Small Business Innovation Research (SBIR) grant for $224,800 to conduct research and development on their technology.
“Data is the most valuable resource in the world today and needs to be protected through encryption at all times; we are filling the last gap in data security for Data in Use,” said Leandro Veltri, co-founder and CEO of USEncryption, “This can accelerate data migration to the cloud and unleash tremendous opportunities to share and monetize confidential data with privacy and security for machine learning, medical research and so much more.”
NSF accepts Phase I proposals from small businesses year-round. Small businesses with innovative science and technology solutions, and commercial potential are encouraged to apply. All proposals submitted to the NSF SBIR/STTR program, also known as America’s Seed Fund powered by NSF, undergo a rigorous merit-based review process.
The NSF SBIR Phase I program is highly competitive with roughly just one of eight proposals selected for award. Once a small business is awarded a Phase I SBIR/STTR grant (up to $225,000), it becomes eligible to apply for a Phase II grant (up to $750,000). Small businesses with Phase II grants are eligible to receive up to $500,000 in additional matching funds with qualifying third-party investment or sales.
“NSF is proud to support the technology of the future by thinking beyond incremental developments and funding the most creative, impactful ideas across all markets and areas of science and engineering,” said Andrea Belz, Division Director of the Division of Industrial Innovation and Partnerships at NSF. “With the support of our research funds, any deep technology startup or small business can guide basic science into meaningful solutions that address tremendous needs.”
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For more information media should contact –
IDEM: Leandro Veltri, CEO, (929) 256-6047, info@usencryption.com.
UCF Business Incubation Program: Carol Ann Dykes Logue, 407-635-9882, carolann.dykeslogue@ucf.edu or Alan Byrd, Alan Byrd & Associates, 407-415-8470, Alan@ByrdConnections.com.
About USEncryption: USEncryption solves a long-lasting security problem for Data in Use, allowing Data Owners to encrypt their confidential data and process that encrypted data without constraints or having to decrypt it first. This innovative technology enables the sharing and monetization of valuable confidential data (e.g. medical records, genome data, financial information, etc.) through a new secure Encrypted Data as a Service model (EDaaS) where Data Owners keep full control and ownership of their data, never exposing it unencrypted. For more information, please visit www.usencryption.com.
About the UCF Business Incubation Program: The University of Central Florida Business Incubation Program is a community resource that provides early-stage companies with the tools, training and infrastructure to become financially stable, high growth/impact enterprises. Since 1999, this award-winning program has helped over 390 local startup companies reach their potential faster by providing vital business development resources.
With seven facilities throughout the region, the UCF Business Incubation Program is an economic development partnership between the University of Central Florida, the Corridor, Orange, Osceola, Seminole and Volusia counties, and the cities of Apopka, Kissimmee, Orlando and Winter Springs. For the 2016/17 and 2017 /18 fiscal years, the activities of these participating firms have helped sustain more than 6,275 local jobs and have had a cumulative impact of more than $888 million on regional GDP and more than $1.59 billion on regional sales. During the same period, the program has returned $12.03 for every $1 invested in the program. For more information, visit Incubator.UCF.edu.
About the National Science Foundation’s Small Business Programs: America’s Seed Fund powered by NSF awards $200 million annually to startups and small businesses, transforming scientific discovery into products and services with commercial and societal impact. Startups working across almost all areas of science and technology can receive up to $1.5 million in non-dilutive funds to support research and development (R&D), helping de-risk technology for commercial success. America’s Seed Fund is congressionally mandated through the Small Business Innovation Research (SBIR) program. The NSF is an independent federal agency with a budget of about $8.1 billion that supports fundamental research and education across all fields of science and engineering. For more information, visit seedfund.nsf.gov.
