Johannesburg, 15 May 2018
Security and identity management are one of the critical issues in today's business environment, as the fear of cyber crime, collusion-based fraud and data breaches continues to rise. It seems obvious that the existing thinking around how to deal with current and future security challenges is outmoded and that something significantly different is required.
This is where iCrypto comes into play, having developed a multi-factor authentication solution platform which utilises a wide range of verifications that are tightly linked to the enterprise's business processes. Moreover, it is the game-changing nature of this start-up's solution that has convinced Blue Label Ventures (BLV) to invest in the company.
BLV provides venture capital to early growth stage start-ups that create next-generation disruptive solutions in areas such as artificial intelligence, machine learning, security, and Internet of things to name a few. BLV particularly focuses on technology that can solve specific business problems, explains managing partner Tallies Taljaard, and which can be scaled up across multiple industries.
"Once we identify new businesses like iCrypto, that have a solution that can meet a specific requirement and a solid commercial model, BLV provides the investment that will help such an entity take its operations to the next level. Furthermore, BLV, through its affiliation with Blue Label Telecoms (BLT), leverages its relationships with municipalities, banks, telecoms operators and many others to open up a number of economic sectors that can provide the conduits to get this solution out into the market," he says.
"Operating purely on a venture capital model, BLV has taken up a significant minority share in the company for an undisclosed amount, and will thus be able to provide the necessary assistance to drive its further expansion. South Africa, which is facing a number of cyber-security challenges, has been identified as a key acceleration market for the iCrypto solution, and BLV's investment in the company positions it to take advantage of the unique opportunities in this region."
What sets the iCrypto offering apart is how it makes use of multiple authentication factors, including fingerprint recognition, photographs, image and facial recognition and PINs. Moreover, once individuals' identities are properly vetted, these are then tied directly to their mobile device, which serves as the key to verification via the iCrypto platform. Their attestation and verification capabilities, coupled to the agile way iCrypto integrates into business processes really sets them apart from anything else we have come across in the market. In a nutshell iCrypto promotes trust.
Andrew Murray, CIO at BLT, points out that his company is so confident in the solution that it has already implemented it in the enterprise. He further mentions that the successful use cases of the iCrypto deployment at Cell C did bolster the decision to deploy it in BLT.
"There is a clear need for a solution like this, which can shake up the security industry, and we are of the opinion that iCrypto will significantly strengthen the existing ecosystem in this regard. It is clearly a market disruptor, which is why it so important to provide the investment required to take it to the next level. We at BLT have always been passionate about entrepreneurship and the development of start-ups, and we believe iCrypto is really going to take the local market by storm," he says.
Dr Vasilis Polychronidis, CEO at iCrypto, adds that the company has grand plans to ultimately make a serious impact on the security industry across the globe.
"We were looking for a strategic investor, one that could assist in market acquisition and understand the challenges of scaling start-up to the next level. As an emerging market, we see South Africa as both a challenge and an opportunity, and we are eager to make our mark here, as this will then provide a fantastic launch-pad for us to take the solution into the rest of the African region and beyond," he concludes.
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