The project 'CipherMode' (rebranded as Pyte) is a legitimate deep-tech company specializing in Secure Multi-Party Computation (SMPC), backed by ~$6.7M in seed funding from reputable VCs. However, the submission itself is of extremely low quality, containing demonstrably false claims (e.g., 'most people have used my product', audience is 'everyone') and confusing metrics (listing valuation as 'monthly revenue'). While the underlying technology is highly innovative and useful for privacy-preserving data collaboration, the 'Proof of Usefulness' score is constrained by the lack of verifiable user scale and the poor integrity of the submission data.
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