EIB to lend EUR 11 million to Intrinsic ID with backing of the Investment Plan for Europe of the European Commission, or Juncker Plan.
Financing to expand Intrinsic ID’s research and development, engineering, product development and support resources.
The European Investment Bank (EIB) has signed a loan agreement with Internet of Things (IoT) security technology company Intrinsic ID. The EIB will lend EUR 11 million in support of the expansion of Intrinsic ID’s R&D, engineering, product development and support resources. The EIB loan is supported under the European Fund for Strategic Investments (EFSI), main pillar of the Investment Plan for Europe, or “Juncker Plan”.
"IoT is predicted to reach 50 billion devices by next year; and with continued growth, the incentives for security breaches will grow commensurately,” said EIB Vice-President Alexander Stubb. “Intrinsic ID addresses the need to secure products connected to the IoT and protect the data they exchange. This will enable semiconductor companies and makers of IoT products to be assured that their products have robust and cost-effective security. In an ever more digital world, the EIB should definitely be seen to support this.”
The EIB funding to Intrinsic ID will enable the company to scale up operations as it expands development efforts on its technology for creating unique and unclonable identities for connected devices. Intrinsic ID’s products are based on the company’s patented SRAM PUF – or physical unclonable function – technology, which enables the creation of a digital fingerprint that serves as a unique identity for microprocessors and other semiconductor devices within IoT products.
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.”
"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,” said Pim Tuyls, chief executive officer of Intrinsic ID. “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.
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