SANTA CLARA, Calif., May 28, 2020 /PRNewswire/ -- MagicCube, the creator of the world's only Software Trusted Execution Environment platform, today announced that Sony Innovation Fund (SIF), Sony's corporate venture fund, has made a strategic investment in MagicCube. Late last year, MagicCube was awarded the first certification of a software-based Trusted Execution Environment issued by EMVCo, the consortium owned by American Express, Discover, JCB, Mastercard, UnionPay, and Visa Inc.
"Many believe that MagicCube's hardware-free software platform has ushered in a new era in security by making it safe and easy for merchants to use any mobile or IoT device to conduct payments," said Gen Tsuchikawa, Chief Investment Officer, Sony Innovation Fund. "They took an innovative and scalable approach, thereby enabling merchants throughout the world to benefit from best-in-class payment acceptance while offering a much more seamless experience for their customers. This is Sony Innovation Fund's first FinTech investment outside of Japan and we could not be more excited to join forces with this team as they set out to democratize the way payments change hands."
Sony Innovation Fund joins a group of investors, which includes Azure Capital, Bold Capital, Epic Ventures, NTT Data, and Visa Inc., as the investment validates the 'game-changing approach' that MagicCube has brought to the payments security space. Despite being deemed nearly impossible by the industry, the company's software TEE-based platform is making big waves across several verticals currently dominated by major hardware security vendors.
MagicCube's first addressable market is disrupting the 48 billion dollar-per-year legacy payment terminal market. Merchants and banks can now forgo buying and subsidizing expensive, single-function card-acceptance devices, and instead, use apps secured by MagicCube for accepting payments at the point of sale.
"We have been hard at work for the past two years developing this entirely new category in an industry where standards have been dominated by hardware," MagicCube Co-founders Nancy Zayed and Sam Shawki said. "We are delighted to see an industry giant like Sony supporting the new paradigm of mobile and IoT device security that we call Software Defined Trust (SDT). As always, when software replaces hardware, everything becomes downloadable and upgradable, allowing the market to grow exponentially."
MagicCube is positioned to lead the SDT category, disrupting the current dominance of hardware-based security. Network World recently named MagicCube as one of "10 Hot IoT Startups to Watch." The company was also awarded the title of Cool Vendor in Security and Risk Management by Gartner, and recently partnered with the PCI Security Standards Council.
MagicCube is leading the Software Defined Trust (SDT) category with its software TEE-based platform. The technology enables large-scale deployment and management of IoT and mobile-secure solutions to consumers. For more information, visit www.magiccube.co or follow us on Twitter @Magic3inc.
EMVCo facilitates worldwide secure interoperability and acceptance of payment and digital transactions.
* EMV is a registered trademark in the U.S. and other countries and an unregistered trademark elsewhere. The EMV trademark is owned by EMVCo, LLC.
* This news release contains forward-looking statements relating to present or future trends or factors that are subject to risks and uncertainties. The COVID-19 global pandemic in particular has introduced significant economic uncertainty to MagicCube's business, the market for its products and the economy generally.
About Sony Innovation Fund
Established in July 2016 by Sony Corporation, Sony Innovation Fund engages with pioneering startups to help fuel the development of disruptive technologies and launch new businesses. In addition to investment, Sony Innovation Fund closely collaborates with the startups in which it invests, connecting them with businesses throughout Sony and its worldwide network of partners, providing guidance and advice, and collaborating with them to help achieve common success.
Learn more at: www.sonyinnovationfund.com
SOURCE Sony Innovation Fund