Intrinsic ID Raises € 2.5 Million for Internet of Things Security
December 16, 2019 – Intrinsic ID has raised a € 2.5 million financing from BOM Brabant Ventures. The company, specialized in cyber security, intends to use the capital for further development and commercialization of its patented SRAM PUF technology. The unique fingerprint of a chip is used to protect devices that are connected to the internet against cyber attacks.
The number of devices connected to the internet is growing rapidly, increasing security issues. Intrinsic ID uses small differences in the material properties of chips to derive each device’s unique identity. In this way authentication and data falsification issues can be prevented.
“As we continue to expand our impact on IoT security we are broadening the scope of our product portfolio,” said Pim Tuyls, CEO of Intrinsic ID. “We are excited to partner with BOM to accelerate development of our technology offerings.”
Miriam Dragstra, CCO of BOM, said, “Intrinsic ID has a significant impact on a very topical and socially relevant theme: cyber security. In the development of technology, the company makes use of the knowledge in the field of chip design and security that is present in Brabant and the neighboring regions. The company utilizes this investment to expand its engineering team at the High Tech Campus in Eindhoven. We are proud that we can contribute to this.”
More than 150 million chips are already equipped with Intrinsic ID technology, and large semiconductor manufacturers such as Intel, Microchip, NXP and Renesas are among its customers. Earlier this year, the company received the InfoSec Award from Cyber Defense Magazine and the IoT Breakthrough Award for the best security product of 2019. Intrinsic ID conducts the bulk of its R&D activity in Eindhoven and has an office in Silicon Valley.
Jurgen van Eck
Senior Investment Manager, HTSM
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