Bengaluru: Sunnyvale-based mobile security startup, MagicCube raises $2.2 million in a seed round of funding from Azure Capital, Epic Ventures and Bialla Venture Partners. The funding round was also backed by the private investors. As per the release, the funding will be deployed in building software in order to secure digital transactions fraud.
The digital security startup that addresses current security challenges and serves to future-evidence applications, MagicCube was founded by the payments & mobile expert – Sam Shawki in 2014. The innovative platform for securing data exchange between devices and the cloud, delivers rock-solid security with faster, cost-effective deployment, and unmatched flexibility on any device. Previously, the company had launched its Charter Partner Program – that allows participant companies to access its technology. The program also offers the ability to model the development of specific use cases of commercial and strategic interest.
Concerning the release, Sam Shawki, Co-Founder & CEO, MagicCube, says, “Commerce is rapidly evolving and migrating to digital channels. As innovation continues to accelerate, the traditional approach of securing devices with hardware-based solutions has become impractical and costly for the entire ecosystem. For smart phones, tablets, wearable’s and other connected devices, the best approach to secure digital transactions is to use software, which is cost-effective and can be easily updated when new threats and use cases come along”.
Ryan Hemingway, Director, Epic Ventures, says, “Most industry efforts to secure endpoints with hardware, so far, have resulted in fragmented solutions that are extremely costly, lengthy to deploy, and not easily scalable. Moreover, because hardware is platform-specific, these solutions are controlled by the few players who manufacture or own them”.
“MagicCube addresses these challenges with an elegant solution that allows any entity to offer consumers secured transactions on mobile devices efficiently and cost-effectively. This levelling of the playing field comes at a crucial time, when everybody is delving into the Internet of Things,” he added.
Echoing in the similar veins, Paul Weinstein, General Partner, Azure Capital, says, “We see immense potential in the security solution MagicCube has created. The MagicCube team has the needed industry experience to understand a very complex ecosystem, and they have identified the right opportunity to add value to it.”