The Eindhoven company Intrinsic ID has secured a loan of €11 million from the European Investment Bank (EIB.). The company is a market leader in chip security, and with the loan, it can expand its business.
“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.
“We are very pleased to partner with the EIB to build upon our significant shipment record of protecting more than 135 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.”