Tyfone, Inc., a leader in mobile-first digital security for financial and identity services, has announced its $6.6 million Series C funding, led by RPX Corp.
Existing institutional and individual investors include In-Q-Tel and Steve Pawlowski, Vice President of Advanced Computing Solutions at Micron Technologies and a former Senior Fellow at Intel Corporation.
Most notable among individual investors is retired General David Petraeus.
Executive Director and Co-Founder of RPX Geoffrey T. Barker will join Tyfone’s Board of Directors. The Series C Round is open to additional investors.
The funding will accelerate the global implementation of Tyfone’s software and hardware platform for identity and transaction security in the banking, government, ecommerce, healthcare and critical infrastructure markets, as well as the scaling of its mobile banking and payment products for the credit union and other financial sectors.
Apart from its product and platform assets, Tyfone’s invention portfolio includes over 100 issued and pending patents, ranging from mobile security to secure commerce and identity management technologies.
The company has been credited by analysts to have invented security technologies that are becoming mainstream, including Apple Pay(tm).
“We believe that Tyfone has a very high-quality patent portfolio and we are pleased to take an ownership stake with a proven technology leader, while enabling the company to raise growth capital without litigation or monetizing through an NPE,”
According to the Center for Strategic and International Studies, global spending on cybersecurity topped $44 billion in 2013. Spending on cybersecurity is expected to near $80 billion in 2015, according to Gartner. Despite these increases, bulk loss of data and dollars continue to surge dramatically. In 2019, Juniper Research
predicts cybercrime will cost $2 trillion annually. This trend demands a fundamentally new approach to digital security.
Said Siva G. Narendra Ph.D., CEO of Tyfone, “By decentralizing digital security and bringing it conveniently closer to the end-user, where the transaction originates, we have fundamentally changed the way companies and institutions address cyber security and transaction threats, be it for banking, payment or any enterprise
applications. By validating identity data such as biometrics and securing the transaction data at the point of origin, we can make remote and anonymous hacking of identity and data in bulk a thing of the past.”
Tyfone’s U4ia(r) (pronounced “Euphoria”) identity and transaction is a service platform built on a rich set of open API available on end-user devices of all major mobile and computing platforms. When combined with the Connected Smart Card(r) hardware, U4ia enables cryptographically strong identity authentication, while maintaining privacy with integrity/non-repudiation proofing of transactions through decentralized storage of private keys, available at the point of origin. U4ia also supports traditional authentication, such as static or single-use passwords and software key stores, so customers can rely on a unified digital security and identity services platform that is seamless and customizable, based on the user’s profile and the risk-level.
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