(End of) Winter 2023 Newsletter

The year 2022 was great for Intrinsic ID. It is amazing to look back on everything we achieved last year. I am exceptionally proud of our team, who have worked so hard to get Intrinsic ID to where it is today: “The Undisputed Leader in PUF Technology.” Of course, our team could not have done it without you, our customers and partners, which is why I want to extend special thanks to all of you for all your trust, support, and great collaborations. But what is it exactly that I am so proud of? What are these great achievements? Let me tell you!

At the end of 2022, we reached the milestone of more than 500,000,000 devices deployed with our PUF technology. We achieved this through exponential growth, with almost double the number of newly activated devices in 2022 compared to 2021. With a growing number of vertical markets asking for our solutions, such as automotive, healthcare, wearables, and data centers, the sky is the limit for the growth of our adoption rate.

2022 was also an incredibly strong year from a financial point of view. In 2022 our revenue grew to a new record high, more than doubling the revenue of 2021, which was the record at that time. Over the last three years, Intrinsic ID revenue has grown at an average rate of 50%! In 2022, Intrinsic ID’s EBITDA made a quantum leap to $2M+. Our headcount grew by about 20% last year, but our plans for 2023 are even more ambitious. We have started this new year strong and are on track to achieve our 2023 goals. We are hiring the best and brightest people to strengthen the various teams within our organization. With the demand for our security solutions growing rapidly, our focus is to keep delivering the highest quality IP products.

Details about these achievements can be found in this newsletter and in one of the press releases. But below you will also learn about some of the exciting things that are ahead for us. You can read about Embedded World, GOMAC, and Hannover Messe, where we will be exhibiting in the next few months. One of the things we will be showing at these events is our new product Zign®, which provides hardware-based security in a software-only product. Our team has worked very hard on this exciting new product which enables a hardware-based anchor of trust on any chip, even those already deployed. So clearly, we are accelerating the momentum that we created during 2022 towards new heights in 2023. And we are excited and confident that we will succeed in this with your continued support.

Together we are ready to create a better IoT based on trust!

Pim Tuyls – CEO, Intrinsic ID

New Product
Intrinsic ID Launches New Software Product: Zign®
Intrinsic ID announced a new software-only solution that enables every connected device to have a unique identity and hardware-based security anchor, improving the reliability and trustworthiness of these devices, their networks and communications. The IoT security lately has been the subject of international legislation, underscoring the importance of the challenge for worldwide cybersecurity.

Zign provides a cost-effective security solution aimed at a broad range of sectors, including business, manufacturing, banking, critical infrastructure, medical and automotive. Easy to deploy on any type of new or existing IoT device, Zign can encrypt any IoT data, both in transit and on the device. Zign works in compliance with the most stringent security standards of both the US and EU Governments. The Intrinsic ID Zign solution combines proven, patented PUF technology with National Institute of Standards and Technology (NIST)-certified cryptographic algorithms to ensure a high level of security with unclonable, invisible keys, and encryption protections for even the smallest devices.

Upcoming Events
Intrinsic ID to Showcase its Security Solutions at Several Upcoming Industry Events
Busy times ahead for Intrinsic ID, as we have several events planned where we will be exhibiting. If you want to hear about the latest developments in-person again, you can stop by our booth at one of the following events.

On March 14-16, we will be exhibiting at Embedded World 2023. Since this one of the biggest shows of the year when it comes to embedded technology, Intrinsic ID has to be a part of it. You will find us in Hall 4, booth 4-650B.

The week after that on March 20-23, you will be able to find us at GOMACTech 2023. At this large semiconductor event for government systems Intrinsic ID will be showing its latest developments on booth 317.

And on April 17-21, we are excited to be a part of the European Pavilion at Hannover Messe. At this large industry event focused on Industrial IoT and energy transition, you can find us at the European Pavilion in Hall 12.

Press Release
Intrinsic ID Announces Deployment in Over 500,000,000 Connected Devices Globally
Intrinsic ID recently announced that it is now protecting 500,000,000 devices worldwide with cutting-edge security technology. This milestone achievement has been fueled by the vital need for security that our connected world is experiencing. With the rapidly growing number of devices that make up the IoT, it is no longer possible to connect these devices without having proper security in place. On top of the increasing need for protecting IoT devices comes an industry-wide shift from software-only to hardware-based security solutions, especially when it comes to protecting cryptographic keys.

Joint Product Brief
Security Solutions for SoCs with Embedded FPGA Technology
QuickLogic’s Australis-generated eFPGA IP is now available with bitstream protection by using Intrinsic ID’s QuiddiKey® to provide security options for devices incorporating embedded FPGA (eFPGA) technology. Some of the security options include secure key generation based on SRAM PUF to full security solutions including bitstream encryption, key wrapping, authentication tags, key verification, and data encryption/decryption for storage within the device or for board- or system-level communications. As a result, QuickLogic’s eFPGA customers can secure the designs that they implement on the eFPGA or authenticate the design being loaded in the eFPGA.

You can find our joint product brief with QuickLogic here.

White Paper
Intrinsic ID PUFs in a Post-Quantum World
Discussions around the application of post-quantum cryptography are highly technical, which makes it challenging for security professionals to make well-informed decisions. Unfortunately, the current situation of temporary uncertainty also creates a brief opening for opportunistic actors to push their “solutions” through tactics of fearmongering and deception. This can lead to well-intentioned but misguided investments, and worst-case even to vulnerable systems. In this white paper we want to address some important questions with the goal of helping embedded security architects and engineers weather the current uncertain stage of this evolution by arming them with the right information.

CEO Profile
De Vlaming Die Elke Chip een Vingerafdruk Geeft (in Dutch)
Recently, Belgian newspaper De Tijd published a profile article about our CEO Pim Tuyls. The article describes how Pim laid the foundation for Intrinsic ID’s technology during his time at Philips Research and how under his guidance the company is now experiencing rapid growth. With currently 500 million devices protected with our technology, the target is to reach 1 billion devices before the end of 2023.

You can read the entire article (in Dutch) here.

In The News
Several Articles and Interviews Featuring Intrinsic ID
In the last few months Intrinsic ID has been in the news very frequently. Here is an overview of where you might have encountered us recently.

• SemiWiki interviewed our CEO Pim Tuyls in this podcast
• EDA Cafe did a video interview with Pim
• EETimes featured Intrinsic ID in an article about AI security
• EDA Cafe asked Pim for his predictions for 2023, which resulted in this blog
• EETimes published an article about Intrinsic ID in the context of smart home security