Intrinsic-ID wins $5 million for security technology

Looking to scale to the mobile payments and cloud services markets

Dutch technology company Intrinsic-ID has raised €5 million ($6.7 million) for its security technology. The technology generates encryption keys based on interactions of software and apps with specific single hardware devices, enhancing security by not storing the key. It is licensed to manufacturers of smartphones, set-top boxes, automotive and embedded processors and mobile payment solutions, among others.

This funding round is led by Robert Bosch Venture Capital, with participation from existing investor Prime Ventures, which oversaw Intrinsic-ID’s 2008 spin-off from Dutch Philips Electronics. Intrinsic-ID will use the cash to scale to the mobile payments and cloud services markets through rapid hiring within sales, support and engineering.

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