DuoKey: The Venture Leader Technology safeguarding enterprise data with advanced encryption

22.03.2024 10:00, Rita Longobardi

Meet Nagib Aouini, CEO of DuoKey. With an encryption solution based on secure multi-party computation (MPC), the ICT startup ensures high security for sensitive data. Nagib and the other nine Swiss National Technology Team members will fly to Silicon Valley in April.

Name: Nagib Aouini
Location: Lausanne
Nationality: Swiss
Education: Bachelor in Computer Science and Applied Mathematics
Job title: CEO and founder
Number of employees: 18
Money raised: self-funded
First touchpoint with Venturelab: 2021 
 

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Can you tell us who your product or solution helps, and how?
DuoKey provides an encryption-as-a-service platform leveraging multi-party computation that splits encryption keys into several key shares to enhance data security. Our technology keeps data and encryption keys encrypted during processing, overcoming traditional encryption limitations for superior protection against modern cyber threats like those on Microsoft Azure (Storm 0558). DuoKey ensures secure data processing, safeguarding businesses' information and ensuring compliance with data protection laws.

How and where did you come up with the idea for your startup?
DuoKey emerged from my time as CISO at a Swiss crypto bank. Protecting assets in HSMs, I saw the vital need for data sovereignty: 'Not your keys, not your Bitcoin'. Traditional encryption fell short against cyber threats. So, I created DuoKey, an encryption-as-a-service using multi-party computation. It gives users control over encrypted data, setting a new security standard.

What market are you addressing and what is the potential of your startup in that market?
DuoKey stands out with cutting-edge multi-party computation encryption, keeping data encrypted during processing for enhanced security and privacy. Ideal for industries handling sensitive information, our target market includes finance, automotive, healthcare, and government sectors. We cater to companies seeking advanced data protection against cyber threats.

What do you expect from the Venture Leaders roadshow and how do you think it will help you achieve your vision?
Participating in the Venture Leaders roadshow, I'm eager to bring DuoKey to Silicon Valley's tech ecosystem, a crucial step towards our global ambitions. This opportunity offers invaluable exposure, connections, and insights for scaling internationally. I look forward to forging strategic partnerships and engaging with industry leaders and investors to accelerate DuoKey's growth. The knowledge gained will refine our international expansion approach and enhance our encryption solutions to meet global standards. As CEO, I aim to leverage this platform to position DuoKey as a leader in encryption, driving innovation and securing digital assets worldwide.
 

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What are your team’s key achievements to date?
At DuoKey, we've become a leading force in encryption and cybersecurity, partnering with top automotive, luxury, healthcare, and financial companies. Our 300% yearly growth demonstrates both scalability and increasing demand. Honored with the Best Growing Startup award at FIC 2024, we're committed to redefining global encryption standards. As CEO, I'm proud of our achievements and excited for our future innovations in securing businesses worldwide.

Is there a key principle or value that guides you as you build your company?
Certainly, 'Privacy by Design' is a fundamental principle at DuoKey. It means integrating privacy and data protection at every stage of our product development and business operations. This approach ensures our encryption services inherently secure user data, complying with strict data protection laws and building trust with our clients. It's about embedding privacy into the DNA of our solutions, guaranteeing security and privacy are inseparable in everything we do.

What is the most important lesson you have learned as a founder?
As a founder, I've learned the vital importance of perseverance and innovation, epitomized by Estée Lauder's words: "I never dreamed about success. I worked for it." Success in entrepreneurship isn't luck but the result of relentless effort and belief in one's vision. Continuous innovation and learning from failures are equally crucial. In the tech landscape, complacency isn't an option. Failures are invaluable growth opportunities, reminding us that innovation is a journey marked by lessons from setbacks. This dual focus on hard work and innovation has been key in shaping DuoKey into what it is today.

What is your favorite productivity hack or tool and why?
My favorite productivity hack is, without a doubt, a good old cup of coffee. It's like fuel for the entrepreneurial spirit, turning those early mornings and late nights into sessions of creativity and focus. I often joke that our real MVP at DuoKey isn't just our technology, but the coffee machine! It's amazing how a simple beverage can be the catalyst for problem-solving and innovation, one sip at a time.

Tell us something people don't know about you.
My family's history, shaped by my parents' journey from Algeria to France after independence, profoundly influences who I am today. Despite facing immense challenges, they prioritized education and instilled in us the value of perseverance. Their sacrifices and commitment created an environment for us to thrive, teaching me the importance of education and the strength of familial support. Their story demonstrates that with dedication, one can overcome adversity and build a promising future.

Do you recommend a podcast or a book you want to share with us?
I highly recommend Ivan Damgård's Partisia Blockchain videos, Jean-Philippe Aumasson's "Serious Cryptography," and Bill Buchanan's insightful cybersecurity blogs and articles for a deep dive into cutting-edge cryptographic and digital security knowledge.