MagicCube, a software-based security technology, has collected $15m in a funding round, as it looks release new tools.
Mosaik Partners served as the lead investor, with commitments also coming from Bold Capital, Epic Ventures, card reader maker ID Tech. Other commitments to the round came from unnamed angel investors from the FinTech sector.
With the capital, the company hopes to accelerate the release of its security solutions. Funds will also be used to grow its sales and customer delivery teams and accelerate the product development of solutions that help industries impacted by chip shortages, such as crypto wallets, cloud and in-car security, and more.
MagicCube’s software-based Trusted Execution Environment (sTEE) claims to the be first and only software solution recognised by the EMVCo to deliver comparable levels of protection as hardware-based approaches. EMVCo is a global consortium in charge of setting interoperability and acceptance standards for secure payment transactions.
The CyberTech’s sTEE technology can be used to replace hardware secure elements, such as SIM cards, chips used on Internet of Things devices, and bank-grade information. Its first solution, i-Accept, was designed to enable acquiring banks and other financial institutions to accept payment cards, contactless transactions and mobile wallets.
MagicCube CEO Sam Shawki said, “We are on the verge of a huge paradigm shift when it comes to how we secure data on all kinds of devices, especially the ones used for financial transactions.
“The chip shortage that is halting entire industries and hiking device prices has exposed how antiquated the current approach is and how valuable MagicCube’s solution is to tackle this issue—this round reflects that.”
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