CIA pumps money into mobile security startup
The Central Intelligence Agency's investment arm In-Q-Tel is investing an undisclosed amount of money into Tyfone, a Portland, Ore.-based mobile security in the cloud startup.
IQT said it was investing in Tyfone because of its patent portfolio and innovations in mobile financial products, secure ID management and near field communications.
Tyfone's mobile platform plugs security vulnerabilities in cloud services using mobile devices, IQT explained.
"We believe that Tyfone's technology has the potential to address a wide range of complex government and commercial secure identity challenges," said Jay Emmanuel, vice president of technology at IQT.
Siva Narendra, chief executive officer and co-founder of Tyfone, added, "Our platform includes high volume manufactured hardware that brings smartcard security and NFC to virtually any mobile phone, tablet or PC. In addition, our mobile platform's software has processed over 7 million secure financial transactions, and we look forward to extending it to IQT's government customers."
Founded in 2004, Tyfone provides cloud-based secure mobile financial transactions and ID products for financial customers, such as OnPoint Community Credit Union, Payback, First Data and Start One Credit Union.
Tyfone is currently negotiating with its investors on another round of venture funding, expected to be between $5 million and $10 million, a company spokeswoman told CIO.