News Article
INTRINSIC-ID's spin off complete
Prime Technology Ventures (PTV) and Philips to arrange for successful spin out of INTRINSIC-ID.
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, an 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 revolutionise 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 customer 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 on line platform without impacting licensees’ access to the IP”.
In a press release, Rick Harwig, CTO of Philips and CEO 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 personalising 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 know how 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 Quiddikey which generates keys from the unique properties inherent in each individual device rather than storing them permanently, as is common with previous generation products. Quiddikey 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.
Prime Technology Ventures, an 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 revolutionise 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 customer 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 on line platform without impacting licensees’ access to the IP”.
In a press release, Rick Harwig, CTO of Philips and CEO 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 personalising 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 know how 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 Quiddikey which generates keys from the unique properties inherent in each individual device rather than storing them permanently, as is common with previous generation products. Quiddikey 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.
