SEOUL, South Korea, April 16, 2024 /PRNewswire/ -- CryptoLab, a pioneer of fully homomorphic encryption (FHE) technology has announced the signing of a three-year supply contract with Macrogen, Korea's largest genetic data analysis company. This landmark agreement was a huge milestone of FHE technology, which will be integrated into Macrogen's personalized genomic analysis services to ensure the highest level of data privacy for their customers.
CryptoLab, a pioneer of fully homomorphic encryption (FHE) technology has announced the signing of a three-year supply contract with Macrogen, Korea's largest genetic data analysis company.
The collaboration revolves around CryptoLab's self-developed 'HEaaN Genome Analysis Solution', which harnesses the power of the most advanced FHE technology based on the CKKS scheme. This revolutionary approach allows data processing and analysis to be performed while the data remains encrypted, significantly enhancing the protection of sensitive personal information across various fields, particularly in healthcare.
In June 2023, CryptoLab and Macrogen had previously signed a Memorandum of Understanding (MOU) to introduce 4th generation encryption technology, spearheading the industry's adoption of cutting-edge data protection technologies. With this new contract, Macrogen will seamlessly integrate the HEaaN solution into their genomic analysis services, further bolstering the safeguarding of customer data.
This aligns with the South Korean Ministry of Health and Welfare's updated 'Healthcare Data Utilization Guidelines'. These guidelines outline how to anonymize data files containing sensitive information such as genomic data. As the importance of data privacy continues to grow in the field of precision medicine, companies like CryptoLab and Macrogen are uniquely positioned to pave the way in shaping the future of secure healthcare data management.
The supply agreement between CryptoLab and Macrogen showcases the immense potential of HE technology to transform not only the healthcare industry but also various other sectors that rely on privacy-preserving data processing and analysis.
About Macrogen
Macrogen (KOSDAQ: 038290) specializes in precision medicine and genetic analysis, offering personalized healthcare solutions tailored to the genetic profiles of individual patients. It symbolizes the realization of personalized medicine based on personal genomic information and our commitment to healthy human life in line with our slogan, "Humanizing Genomics."
About CryptoLab
CryptoLab developed the world's first 4th generation homomorphic encryption scheme CKKS, which supports real number operations on ciphertexts, and has the original patent. The company possesses the world's best performing homomorphic encryption library HEaaN. CryptoLab is taking the lead in developing such private AI. Based on its outstanding technology and commercialization capability, in July 2022, CryptoLab attracted about $16 million in Series A investment from venture capitals such as Stonebridge Ventures, Altos Ventures, and Kiwoom Investment.
