PORTLAND, Oregon--(BUSINESS WIRE)--Tyfone, Inc., a leader in mobile-first digital security for financial and identity services, today announced its $6.6 million Series C funding, led by RPX Corp (NASDAQ: RPXC). Existing institutional and individual investors include In-Q-Tel (www.iqt.org) 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™.
“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,” said Barker.
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 cybersecurity 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® (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® 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.
RPX Corporation (NASDAQ: RPXC) is the leading provider of patent risk solutions, offering defensive buying, acquisition syndication, patent intelligence, insurance services, and advisory services. Since its founding in 2008, RPX has introduced efficiency to the patent market by providing a rational alternative to litigation. The San Francisco-based company's pioneering approach combines principal capital, deep patent expertise, and client contributions to generate enhanced patent buying power. By acquiring patents and patent rights, RPX helps to mitigate and manage patent risk for its growing client network. For more information, visit www.rpxcorp.com.
Tyfone is a leading provider of digital security and identity services for the banking, government, ecommerce, healthcare and critical infrastructure markets. Customers include the US Government and leading financial institutions including two of the Top 10 credit unions. Tyfone’s secure implementations are protected by over 100 issued and pending patents and have processed more than 100 million transactions. Headquartered in Portland, Oregon, Tyfone has operations in Bangalore, India. For more information, visit www.tyfone.com.