WISeKey International receives $5m through convertible loan

Cybersecurity company WISeKey International has received a $5m convertible loan from Crede Capital, a US-based investor.

As part of the agreement, Crede will have the right to purchase 1.6 million Class B Shares.

WISeKey is a global cybersecurity company which offers digital identity ecosystems for people and objects through blockchain, AI and IoT technology.

The Switzerland-based company supplies financial institutions with tools for secure authentication of users on their systems, and databases, as well as to encrypt messaging. The process uses cryptographic tags to provide security for these items.

WISeKey founder and CEO Carlos Moreira said, “WISeKey is entering into an exciting phase of development. Digital transformation remains a key priority through the development of disruptive technologies and harnessing of its power to overcome key challenges of a complex world and unlock new growth opportunities.

“This convertible loan facility will be used to finance the expansion of existing IoT operations in US, new opportunities and possible M&A activities, aiming to expand the technology portfolio of the company.

The RegTech startup previously raised CHF 50m in 2018 from Yorkville Advisors Global in a Standby Equity Distribution Agreement.

Last year, the company formed a partnership with OpSec Security to combine their technologies into a single global platform. The deal sees OpSec’s authentication software integrated into WIseKey’s PKI and IoT platform.

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