THE HAGUE, The Netherlands, and SUNNYVALE, Calif., United States – May 17, 2019 – 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.”
About the European Investment Bank (ElB)
The European Investment Bank (ElB) is the long-term lending institution of the European Union owned by its Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals. Last year the EIB provided some EUR 2 billion for projects in the Netherlands.
About Intrinsic ID
Intrinsic ID is the world’s leading digital authentication company, providing the Internet of Things with hardware-based root-of-trust security via unclonable identities for any IoT-connected device. Based on Intrinsic ID’s patented SRAM PUF technology, the company’s security solutions can be implemented in hardware or software. Intrinsic ID security, which can be deployed at any stage of a product’s lifecycle, is used to validate payment systems, secure connectivity, authenticate sensors, and protect sensitive government and military systems. Intrinsic ID technology has been deployed in more than 125 million devices. Award recognition includes the Cyber Defense Magazine InfoSec Award, the IoT Breakthrough Award, the IoT Security Excellence Award, the Frost & Sullivan Technology Leadership Award and the EU Innovation Radar Prize. Intrinsic ID security has been proven in millions of devices certified by Common Criteria, EMVCo, Visa and multiple governments. Intrinsic ID’s mission: Authenticate Everything. Visit Intrinsic ID online at www.Intrinsic-ID.com .
About the Investment Plan for Europe
The Investment Plan for Europe focuses on strengthening European investments to create jobs and growth. It does so by making smarter use of new and existing financial resources, removing obstacles to investment, and providing visibility and technical assistance to investment projects. The European Fund for Strategic Investments (EFSI) is the central pillar of the Juncker Plan. So far, the projects and agreements approved for financing under the EFSI are expected to mobilise over EUR 393 billion in investments, including over EUR 9 billion in the Netherlands, and support around 945,000 SMEs across all 28 Member States. Find the latest EFSI figures by sector and by country here, or see the FAQs.