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Intrinsic-ID Closes New Round of Financing With Robert Bosch Venture Capital GmbH and Prime Ventures(April 04, 2012)
EINDHOVEN, THE NETHERLANDS -- (Marketwire) -- 04/04/12 -- Intrinsic-ID announced that it has received EUR 5 million (USD 6.7 million) in new funding. The round was led by Robert Bosch Venture Capital GmbH (RBVC) and joined by existing investor Prime Ventures.
"We are proud to welcome RBVC, which is part of the Bosch Group -- a leading global supplier of technology and services in the areas of automotive and industrial technology, consumer goods, and building technology -- as one of our investors," said Pim Tuyls, CEO at Intrinsic-ID. "With their support, we are excited to move our company to the next level of mass scale deployment of our security IP in large new markets of mobile payments and cloud services by a rapid expansion of our sales, support and engineering teams."
Intrinsic-ID's technology has been licensed to a wide range of companies that incorporate the technology in Smart and SIM Cards, Automotive and Embedded Processors, Set-Top Boxes, Pay-TV, Networking & Communications, FPGA and Government applications. Intrinsic-ID's security IP excels by ease-of-integration in a standard manufacturing flow. It is available in all modern technology nodes and is scalable with small silicon area and/or SW footprint.
"An increasingly connected world demands strict rules for authentication and protection against cloning, counterfeiting and tampering," explains Dr. Claus Schmidt, Managing Director of RBVC. "We believe that Intrinsic-ID's unique solution has the characteristics of becoming a key technology for the Internet of Things and that it is therefore of great strategic importance. Intrinsic-ID offers compelling and proven security solutions to a growing customer base and we are looking forward to providing our support to a highly promising venture," he adds.
"Since its spin-out from Philips by Prime Ventures in 2008, we are pleased to see that Intrinsic-ID established itself as the leader in security applications based on its patented Hardware Intrinsic Security (HIS) technology. As we see continued strong growth with existing customers as well as new growth opportunities within the mobile services space, we are happy to give substantial follow-up to our initial investment," observes Sake Bosch, Managing Partner of Prime Ventures.
Intrinsic-ID is a company that provides security solutions based on top-level security IP and software for cloud storage, mobile payments and content protection.
Its unique and patented Hardware Intrinsic Security (HIS) technology -- also referred to as Physical Unclonable Function -- offers superior anti-tamper and anti-cloning features.
HIS allows linking software, applications and content, to a particular hardware device.
HIS is based on the fact that secret keys are extracted like a biometric or fingerprint from silicon hardware whenever required. Hackers have nothing to find because no key is stored or present.
Intrinsic-ID delivers complete, one-stop-shop solutions including security IP, security architectures and reference applications to offer customers a fast-track to market.
Intrinsic-ID (www.intrinsic-id.com) is headquartered on the High Tech Campus in Eindhoven, The Netherlands.
About Prime Ventures
Prime Ventures is a leading venture capital firm focusing on investing in European companies in the technology and related industries and leverages its capital, experience and network to actively guide them into global category leaders. The firm has invested in companies in the Benelux countries, United Kingdom, France, Finland and Sweden. From its offices in The Netherlands and the UK, the independent partnership manages over 275 million Euro in committed capital. For more information, please visit: www.primeventures.com.
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