CryptoLab, a data encryption–focused startup, has set up operations in Lyon
CryptoLab is a cutting-edge South Korean startup specializing in homomorphic encryption technology. With the support of ONLYLYON Invest, it established operations in Lyon in 2023 and opened a cryptography research and development center.
Founded in 2017, CryptoLab offers homomorphic encryption technology that enables outsourced computation while preserving data confidentiality. Its expertise focuses on encrypting content in the field of artificial intelligence. Confident in France’s know-how in cybersecurity, the company chose Lyon’s 3rd arrondissement to establish its new research center.
CryptoLab, an innovative and fast-growing company
In 2017, Jung Hee Cheon, a renowned professor in the Department of Mathematical Sciences at Seoul National University (South Korea), founded CryptoLab. Incubated by the university, the startup grew and specialized in homomorphic encryption—a technology that makes it possible to use and compute encrypted data while protecting its content. In this way, CryptoLab offers its clients a unique, ultra-secure solution.
A fast-growing startup, CryptoLab raised more than $16 million in July 2022 from leading investors such as Stonebridge Ventures, Altos Ventures, and Kiwoon Investment. Today, the company employs 55 people. Recognized for its technological excellence in the industry, CryptoLab collaborates on projects with major corporations including IBM, LG U+, Samsung Electronics, and Naver Cloud.
A strategic location in the heart of Lyon
To continue its expansion and develop increasingly efficient solutions, CryptoLab opened a cryptography research and development center.
The company chose the Lyon metropolitan area for its academic excellence in the sciences, as well as the connection established with Damien Stehlé, a computer science professor and researcher at the École normale supérieure de Lyon, who has taken the lead of CryptoLab’s FHElab. He has already hired three additional mathematicians and plans significant recruitment over the next three years to meet growing demand.
The goal: to expand its homomorphic encryption offering to the U.S. and European markets by 2025.
A location supported by the Lyon Metropolis and assisted by ONLYLYON Invest
CryptoLab’s establishment helps strengthen the region’s digital sector and facilitates access to employment for talented researchers. The Lyon Metropolis supports companies that contribute to the vitality of research and is also committed to developing the digital sector, the leading area of excellence in terms of growth within the metropolitan area.
Eager to welcome this cybersecurity-focused startup that meets rapidly growing demand, ONLYLYON Invest supported CryptoLab in setting up its cryptography research center in Lyon. It assisted the company with office scouting in an academic environment, as well as with selecting a banking partner to establish subsidiaries. In addition, ONLYLYON Invest introduced the company to Greater Lyon’s tech, artificial intelligence (AI), and mathematics ecosystem.
A thriving Greater Lyon tech and digital ecosystem
For the company, choosing the Lyon metropolitan area was an obvious decision. With an outstanding academic environment and the presence of successful companies in the field, the region offers numerous development opportunities for digital-sector businesses in a booming market.
CryptoLab has set up at Hiptown, a coworking and office space located at 20 boulevard Eugène Deruelle in Lyon’s 3rd arrondissement. A highly connected district, Lyon Part-Dieu is an ideal location to grow its business model and build strong ties with partners and universities across the metropolitan area.