MagicCube, the creator of the world’s only Software Trusted Execution Environment platform (sTEE™), today announced completion of an $8.5 million Series A funding round. Bold Capital Partners led the round, with participation from Epic Ventures, Social Starts and Silicon Valley Bank. MagicCube original investors include Visa.
MagicCube technology enables the large-scale deployment and management of Internet of Things (IoT) and mobile-secure solutions to consumers. The MagicCube sTEE platform provides a secure in-app container that protects sensitive data, logic and cryptographic operations on the device, while offering unprecedented ease of massive deployment and remote management capabilities.
According to MagicCube CEO and Co-Founder Sam Shawki, “There’s a huge gap between what legacy enterprise security systems are trying to protect and the new threats faced by large deployments of connected devices. MagicCube technology was built from the ground up for the purpose of defending against the real threats facing IoT devices and offering comprehensive security for any device across large deployments, regardless of the device maker or the underlying operating system.”
Shawki added, “A wide range of applications, including driverless cars, medical devices, fintech and government all have one thing in common: They’re all IoT devices that can’t be secured using legacy solutions.”
“We’re excited to invest in MagicCube,” said Neal Bhadkamkar, Managing Partner at Bold Capital Partners. “The company represents the kind of innovative thinking around mobile security that IoT needs. With more than 50 billion devices expected to connect into the Internet of Things, safety cannot be an afterthought. As IoT momentum accelerates, and as more companies begin to recognize the critical importance of mobile IoT security, the market will recognize the power and necessity of MagicCube technology.”
The Series A round enables MagicCube to drive adoption of its mobile security solutions across the IoT sector. It’s been a busy year for MagicCube, with the company gaining traction globally. In January, MagicCube announced a partnership with Sequent, a leading card digitization provider for Visa and MasterCard. Last month, MagicCube unveiled a partnership with YellowPepper, the leading mobile payments provider in Latin America that offers the first complete software solution that rivals hardware-secure elements to protect mobile and other connected devices. YellowPepper and MagicCube are integrating their industry-leading technologies in a new offering that protects token-based payment service deployments from advanced threats.
Independent information technology research and advisory firm 451 Research singled out MagicCube, noting the company’s value proposition has applicability to a wide array of enterprise use cases, and that “there exists no single player with an approach identical to MagicCube’s.”