The European Investment Bank (EIB) signed an 11 million euro loan agreement with Intrinsic ID, a developer of digital authentication solutions for the IoT. The company with roots in Eindhoven will use the funds to expand R&D operations, product development and support resources. “With this support, I expect we will be able to expand our product portfolio and apply our technology to many more IoT use cases and thereby accelerate the pace at which we scale our market expansion,” said CEO Pim Tuyls of Intrinsic ID.
Intrinsic ID’s products are based on the company’s so-called SRAM Physical Unclonable Function (PUF) technology, which exploits naturally occurring deep submicron variations in semiconductors. The pattern of random electric variations is used to create a digital fingerprint that serves as a unique identity for devices.
SRAM PUF technology can be used to secure payments, to protect sensitive data, for anti-counterfeiting and anti-cloning and to prevent identity theft, among other things. NXP, Intel, and Barco Silex (links in Dutch) are known customers of Intrinsic ID, which is headquartered in Sunnyvale but – as a Philips spin-out – conducts its R&D activities in Eindhoven.
The EIB loan is supported under the European Fund for Strategic Investments (EFSI), part of the Investment Plan for Europe, informally known as ‘Juncker Plan’.