Eindhoven, the Netherlands -- October 21, 2008 -- Today INTRINSIC-ID, a security company dedicated to protect electronic devices against tampering and counterfeiting announced the completion of its spin-out from Royal Philips Electronics.
Prime Technology Ventures, a leading independent pan-European venture capital firm headquartered in The Netherlands, has provided funding for INTRINSIC-ID through its PTV III fund. In addition to other Limited Partners, Philips also became a Limited Partner in PTV, demonstrating its continued commitment to the growth of the INTRINSIC-ID business.
INTRINSIC-ID’s unique technology makes electronic devices physically unclonable to a level that even manufacturers cannot make duplicates. As an independent company INTRINSIC-ID is in a position to respond promptly to customer requests addressing their individual needs. Furthermore, it allows INTRINSIC-ID to revolutionize the electronics industry by facilitating production and licensing for its customers as trusted third party.
INTRINSIC-ID is rapidly establishing itself as the technology of choice for protecting company’s IP and is uniquely positioned to facilitate companies sharing their valuable intellectual assets with total confidence in their security. “Intellectual property theft, cloning and counterfeiting is costing companies hundreds of millions of dollars and our ability to provide total security to our customers production flows, whilst also making their products tamper-proof is very compelling for them”, commented Daniel Schobben, CEO of INTRINSIC-ID. “With Intrinsic-ID’s technology, companies can confidently license their IP through a secure online platform without impacting licensees’ access to the IP”.
In a press release, Rick Harwig, Chief Technology Officer of Philips and Chief Executive Officer of Philips Corporate Technologies commented that with PTV, INTRINSIC-ID has the means to accelerate growth and establish a strong business. Furthermore, PTV is the right partner for INTRINSIC-ID given their strong track record of developing high growth technology companies. This transaction is consistent with Philips’ open innovation strategy and intention to spin out viable ventures which groom businesses outside its core Healthcare, Consumer Lifestyle and Lighting activities.
Sake Bosch, founder and Managing Partner of PTV commented: “We are delighted with the acquisition of INTRINSIC-ID. We believe the company has great potential and matches our sector experience and expertise”.
INTRINSIC-ID provides services for securely personalizing individual devices. The services are linked to its Quiddikey product which allows for extracting keys from individual device unique properties rather than storing them permanently as is common in alternative approaches. This physically unclonable root-of-trust provides unparalleled benefits in terms of countering tampering and reverse engineering. Quiddikey is available as RTL source code and can be integrated by customers into their IP blocks to allow for metering, to control outsourced manufacturing and to protect fielded devices from counterfeiting.
Based on Philips’ extensive experience and knowhow in security & cryptography in optical media, digital TV, smart cards and private biometrics, the underlying technology Research began inside Philips in 2002. “Since a key requirement for a truly effective anti-counterfeiting technology is physical unclonability we quickly realised the significant commercial advantage of PUFs over other technologies”, says Pim Tuyls, CTO of INTRINSIC-ID.
INTRINSIC-ID also announced the release of its first product QuiddikeyTM which generates keys from the unique properties inherent in each individual device rather than storing them permanently, as is common with previous generation products. QuiddikeyTM is the first commercially available key storage product which provides these benefits and is currently shipping to customers. It is available as RTL source code and can be easily integrated by customers into their IP blocks, devices and systems.
Intrinsic-ID, founded in Philips Research in 2008, is a security company dedicated to protecting electronic devices against tampering and counterfeiting. Its revolutionary technology makes electronic devices physically unclonable, to a level that even the manufacturer cannot make duplicates. Its security solutions are based on tamper-evident key-storage that - once integrated in the customers’ IP - allows for full control over the deployment of their IP. Intrinsic-ID aims to enable an IP marketplace by offering security solutions that secure all different segments in the value chain, such as manufacturing, IP creation and branding.
Headquartered in Eindhoven, The Netherlands, Intrinsic-ID is a technology leader in tamper-proof key-storage for cryptographic applications. Application domains include smartcards, automotive and industrial.
About Prime Technology Ventures (www.ptv.com)
Prime Technology Ventures is a leading venture capital firm focusing on investing in European companies in the information technology and related industries and leverages its capital, experience and contacts to actively guide them into global category leaders. The firm has invested in companies in the Benelux countries, United Kingdom, Finland and Sweden. From its offices in Amsterdam and Cambridge the independent partnership manages over 270 million euro in committed capital.