Cybersecurity firm WISeKey India revealed it surpassed expectations when it opened up its first seed round of funding, securing $1.3 million in investment, reports said Friday (Jan. 13).
The company, the result of a joint venture with WISeKey International Holding that launched only months ago, said it will use the funds to help Indian entrepreneurs integrate WISeKey cybersecurity and IoT solutions. The firm offers cybersecurity tools for both businesses and individuals to be able to transact securely and trust the digital identities of others.
WISeKey India also revealed that it will look to launch a mobile app that offers NFC payment capabilities, digital coupons, targeted advertising and other tools for individuals.
The firm has developed what it calls the RoT, or the Root of Trust, and its Public Key Infrastructure that enables online certification. Government bodies can use that infrastructure to help with their Digital India Vision campaign, the company noted, by supporting the shift towards digital tax, eProcurement, contract bidding and other government processes.
Further, WISeKey India said it will use the funds to create a Cryptograpic RoT in India for companies like IoT manufacturers and chipmakers so they can add digital certificates to their solutions and encrypt and authenticate devices.
“We are thrilled to close the first round of seed financing for WISeKey India to launch our trusted IoT infrastructure,” said WISeKey CEO and Founder Carlos Moreira in a statement. “With this initiative, we will positively affect the lives of millions of people by providing an interoperable ‘environment’ allowing identification, authentication and authorization for billions of objects.”