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.
The outbreak of COVID-19 in Europe had immediate and wide-ranging consequences for investment: according to the new edition of the EIB Investment Report 2020/2021 “Building a smart and green Europe in the COVID-19 era”, EU firms are likely to reduce investment by at least 25% in the year following the crisis. The report also shows that in a post-pandemic “new normal”, investment in digitalisation, innovation and climate will be more important than ever before. Without such investment, large sections of Europe’s economy risk falling behind. However, the European Union now has the opportunity to build on its leadership in green and digital technologies to recover from the pandemic, manage the climate transition and maintain its ability to compete in the global technology race.
The EIB has signed a €12 million (DKK 89.3 million) loan agreement with Danish software company Templafy. The company is known for its platform that helps businesses better enable their business content, marrying their needs for compliance and productivity when creating business documents. Templafy will use the financing to further develop its business content solutions, and to drive the company’s successful expansion across Europe. The loan benefits from backing of the European Fund for Strategic Investments, main pillar of the Investment Plan for Europe.
The EIB has signed a €100 million loan agreement with Valmet, a Finnish developer and supplier of technologies, automation and services for the pulp, paper and energy industries. The financing will support Valmet’s R&D response to important global trends, ranging from enhancing raw materials efficiency to efficiency in the use of water and energy, as well as using renewable raw materials and reducing Valmet’s customers’ emissions. The supported R&D will be carried out in Valmet’s locations in Finland and Sweden.