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.

More on Intrinsic ID here

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.

Subscribe to our Newsletter!

Your weekly innovation overview Every sunday the best articles of the week in your inbox.

    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.”

    Support us!

    Innovation Origins is an independent news platform that has an unconventional revenue model. We are sponsored by companies that support our mission: to spread the story of innovation. Read more.

    At Innovation Origins, you can always read our articles for free. We want to keep it that way. Have you enjoyed our articles so much that you want support our mission? Then use the button below:

    Doneer

    Personal Info

    About the author

    Author profile picture Frans van Beveren leads IO on a daily basis. He is fascinated by everything related to technical progress, innovation, sustainability, and industrial design.