SUNNYVALE, Calif.,– February 3, 2021 – Intrinsic ID, the world’s leading provider of Physical Unclonable Function (PUF) security IP for embedded systems, today announced its 2020 business results and outlook for 2021, citing record revenue and customer growth. Year-over-year sales were up 36% percent, marking the highest annual revenue to date. The company signed 15 new licensing agreements, strengthening its position in key markets including government/defense and IoT while expanding into new, high-growth segments such as the data center and automotive. Intrinsic ID’s QuiddiKey was recently chosen by Fungible to secure its data processing chips used in hyperscale datacenters (See separate news release).
“While 2020 created enormous challenges and shifted life and businesses on-line, it also elevated the need to protect the integrity of our data and privacy. As a result, security is now a principal design consideration rather than an afterthought,” said Pim Tuyls, CEO and co-founder of Intrinsic ID. “Increased interest in securing our electronics has helped fuel our growth. And, with more than 200 million devices in the market secured with our PUF's, we have the longest proven track record of reliability in the industry. This has allowed us to expand into markets like IoT and the data center where there is a strong need for reliable and scalable security solutions.”
Intrinsic ID’s PUF technology creates a hardware root of trust based on the inherent uniqueness in each silicon chip to enable seamless, cost-effective, scalable security. It can be used on the smallest microcontrollers to high-performance FPGAs and at any stage of a product’s lifecycle to validate payment systems, secure connectivity, authenticate sensors, and protect sensitive government and military data and systems.
Highlights of 2020
2020 was year of extraordinary growth for Intrinsic ID, driven by increased demand and scaling adoption of the company’s security technology. The rise in sales is attributed to both licensing fees and royalties and represents record annual revenue for the company. Other notable results included:
- Partner and Customer Expansion
Intrinsic ID’s customer and partner ecosystems became even more substantial with 15 new customer engagements and expanded relationships with NXP and Intel, among others.
- PUF Technology Adoption
Intrinsic ID's PUFs are designed into 80 chip families and secure more than 200 million devices with new ones going live every day. This scale in real world scenarios further validates the strength, reliability and market leadership of Intrinsic ID’s PUF technology.
- Industry Recognition
Intrinsic ID was named “Most Innovative Internet of Things Security” in the 2020 InfoSec Awards by Cyber Defense Magazine at the RSA Conference in San Francisco.
Outlook for 2021
Intrinsic ID is starting 2021 with significant momentum driven by product innovations, new customers, industry recognition, heightened awareness of the need and importance for security solutions and increasing adoption of its technology. This year the company plans to expand its Engineering, Operations, and Commercial teams and is actively hiring for several positions. The company will be introducing new product advancements and will launch a new online community called PUF Cafe to provide educational and supporting information on PUF technology and help ensure it evolves to meet the future needs of customers.
About Intrinsic ID
Intrinsic ID is the world’s leading provider of security IP for embedded systems based on PUF technology. The technology provides an additional level of hardware security utilizing the inherent uniqueness in each and every silicon chip. The IP can be delivered in hardware or software and can be applied easily to almost any chip – from tiny microcontrollers to high-performance FPGAs – and at any stage of a product’s lifecycle. It is used as a hardware root of trust to validate payment systems, secure connectivity, authenticate sensors, and protect sensitive government and military data and systems. Intrinsic ID security has been deployed and proven in millions of devices certified by EMVCo, Visa, CC EAL6+, PSA, IoXt, and governments across the globe.