BETHESDA, MD—Koolspan Inc., a company selling security products, has raised $7.1 million in financing led by Security Growth Partners, with TWJ Capital, Rose Tech Ventures and members of New York Angels. The company sells what it calls “TrustChip” solutions.
KoolSpan’s TrustChip crypto engine is a self-contained authentication, encryption and key management platform. Proceeds of the financing will be used to fulfill global demand for TrustChip-based solutions including TrustChip Voice, which creates instant AES-encrypted links among off-the-shelf mobile phones.
“The KoolSpan TrustChip platform is designed for the rapidly growing mobile-to-mobile and machine-to-machine markets,” said KoolSpan CEO Tony Fascenda.
“With each non-PC device that becomes network-connected, the need for a self-contained, highly-scalable security solution grows. TrustChip meets this need, whether plugged into an enterprise smart phone, embedded into critical infrastructure monitoring equipment or incorporated into industrial assembly equipment.”
TrustChips are designed to make use of industry standard SD memory slots (micro, mini and full size) available on cell phones, computers and other devices.
“KoolSpan TrustChips feature a streamlined device-to-device architecture, providing their host devices strong mutual authentication, fully-encrypted network connectivity, as well as secure storage.
“Cell phones were originally designed for portability and ease-of-use, not security,” said Security Growth Partners CEO Elad Yoran. “However, today we use cell phones not only to make phone calls, but also like laptop computers.
“The trouble is that neither the voice side nor the data side of cell phones is secure. KoolSpan’s TrustChip engine solves this problem.
“It also provides a platform upon which third-party developers, OEMs and enterprise customers can deploy applications that run securely on the large number of cell phones that are TrustChip compatible.”
The company says that KoolSpan technology has been rigorously tested and reviewed by top security research organizations in the United States government, as well as many industry trade publications.
The company won the Information Security Magazine/TechTarget Readers Choice Award for Best Emerging Technology, was a category winner of the 2007 SC Award for Best Multi-Factor Authentication technology, and was featured by the editors of Network World as one of the Top Ten “Security Companies to Watch.”
On the Web: www.koolspan.com
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