IRONCHIP, the startup that creates geolocation-based cybersecurity products, has successfully closed its first round of funding, €500,000, with the advice of the Lawesome Legal. With the entry of this capital, they intend to improve their product development and begin the international commercialization of the IRONCHIP Location-Based Security platform, or LBS, focusing on markets such as Latin America, Europe, and the United States.

Even the world's largest companies' safety can be compromised. 87% of the attacks are due to the user and password theft. The average cost of a data breach is estimated to exceed $150 million in 2020, and the overall annual cost forecast is $2.1 trillion.

IRONCHIP was born in response to this need, that of a truly secure solution to phishing attacks.

Passwords are being reused and filtered on the internet. New viruses such as EMOTET,with thousands of attacks registered this year, are responsible for stealing and automatically replicating, on the web, users, passwords, and even the famous SMS codes. The information produced on the web allows a remote attacker to gain enough control to stop an entire production plant.

IRONCHIP’s Location-Based Security, or LBS, prevents a remote attacker from accessing your service unless he owns a specific mobile device and has a specific geolocation. The same device and geolocation allow you to eliminate remote attacks as well as password leaks, preventing credential theft attacks, given that none of them will work outside of the geolocation.

Besides, the risk of a data breach putting customers in check is eliminated, avoiding fines, protecting them from 87% of attacks, and ensuring the security of their production, even if external conditions force them to work remotely.

Jose Fernando Gómez, Founder, and CEO at IRONCHIP says that "this round is the financial push we needed for our international expansion strategy. Our goal is to strengthen our position in those sectors where ensuring the identity of the operators has become a mandatory task".

Roger Piqué, General Partner at Inveready is optimistic that he can drive, with this investment, the creation of a Location-Based Security (LBS) project, a segment of the highly growing Cybersecurity market Inveready was not yet involved.

"At Inveready, we are thrilled to have the opportunity to support Julen, Jose, and the rest of the IRONCHIP team in a project that aims to revolutionize authentication and reduce online fraud. We look forward to sharing our experience and contributing to the scaling of cybersecurity companies," Roger adds.

Also, Pedro Muñoz-Baroja, Managing Partner at Easo Ventures, states, "We got to know Ironchip through the BerriUp acceleration program in 2019. Their comprehensive and modular solution simplifies the regulatory complexity that is affecting many sectors. Ironchip adapts to an ever-changing and increasingly complex regulatory environment by ensuring compliance and by bringing enormous advantages for organizations."

About Ironchip:

IRONCHIP has created its own authentication technology that allows artificial intelligence (AI) to use a secret location and device as an unsurplantable key for its most critical services. Founded in 2017 by a team of two San Mamés telecom engineers, who began developing a secure investment platform for an American broker. They now have a staff of eight technology experts that create innovative security solutions based on their technology. Ironchip's vision is a more digitized, agile, and secure future, and to do so, its mission is to create the next generation of cybersecurity products that will make it a reality. After the closure of their first round of investment, they will focus on expanding to Latin America, Europe and the United States.

About Inveready:

Inveready, is one of the leading Spanish venture capital firms. They invest in tech companies with four approaches: Information Technologies, Life Sciences, Venture Debt, and Hybrid Debt/Capital for public companies. They have more than € 400 million under management. During the last 11 years, they have made more than 20 successful exits to big corporations (Intel, Symantec, Red Hat) or IPOs (IBEX35, Nasdaq, or MAB). In the past years, Inveready has been awarded several prizes by the Spanish Venture Capital Association (the best management company, best VC deal, and best venture debt deal).

About EASO Ventures:

Easo Ventures is a Venture Capital Company from San Sebastian, funded in 2018. Today they count on more than 100 investors and invest in startups and companies mainly in the Basque Country to help them boost their projects. In its nearly 18 months of existence, they have already invested in 24 innovative companies.

Image: Julen Martinez (COO) and Jose F. Gómez (CEO), founders of Ironchip

Subscribe to Directory
Write an Article

Highlight

Axon moves into Cloud Technology

by Axon Partners Group

cloud technology axon

Indexa Capital Group aumenta sus ingreso...

by Indexa Capital

Indexa Capital Group, sociedad matriz de Indexa Capital AV, Bewater As...

Photos Stream