The European Investment Bank (EIB) has announced a loan agreement with Internet of Things security provider Intrinsic ID.
Under the agreement Intrinsic ID, which has offices in the USA and the Netherlands, will receive a loan of €11 million to expand its engineering, product support and research and development facilities. Intrinsic ID provides digital authentication solutions to bolster the security of Internet of Things (IoT) devices, based on its proprietary SRAM PUF (static RAM physical unclonable function) “digital fingerprint” software.
Intrinsic ID CEO Pim Tuyls said: “We are very pleased to partner with the EIB to build upon our significant shipment record of protecting more than 125 million IoT devices with some of the world’s leading semiconductor companies. With this support, I expect we will be able to expand our product portfolio and apply SRAM PUF technology to many more IoT use cases, and thereby accelerate the pace at which we scale our market expansion – which is critical given how rapidly security risks to the IoT are increasing every day.”
IoT technology is predicted to reach 50 billion connected devices by 2020; and as devices have become more interconnected, concerns over Internet of Things security and data protection issues have increased commensurately. Intrinsic ID, whose digital fingerprint technology may be deployed to validate payments, authenticate sensors and protect sensitive data systems, aims to extend its reach and continue to develop its security technologies in order to ensure a high level of identity protection for connected devices.
Carlos Moedas, European Commissioner for Research, Science and Innovation, said: “Intrinsic ID clearly has high ambitions in the security technology industry and the EU is proud to support its research and innovation plans. Around a quarter of total investment mobilised under the Juncker Plan has been in RDI which reflects the importance policy-makers place in this area, as well as the high market demand. I wish Intrinsic ID all the best with their future innovations.”