Denis Opudo
iCrypto, a security firm has received investment backup from Blue Label Ventures (BLV). BLV is committed to supporting its identity solution and disruptive authentication. This will be both into the global and local markets. Identity and security management are main players in the current business sector. This is due to the fact that there is an increase in the data breaches, fraud based on collusion and cyber-crime. It is now evidence that the way of dealing with future and current security problem is now outdated. It, therefore, calls for something different to solve the challenges.
This is why iCrypto decided to come into the market. The firm came up with authentication solution website that deals with various factors. It makes use of various verifications which are greatly connected to the firm’s business procedures. Additionally, BLV got convinced to invest in the startup due to its solution game-changing nature. BLV offers venture capital to startups that are in their early growth stage. They should also be those that develop disruptive solutions for next generation in different areas. The areas are like the Internet of Things, artificial intelligence, security and machine learning.
According to Tallies Taljaard, BLV’s managing partner, he said that the startup mainly majors in technology that can offer solutions to specific challenges. The solutions should also be in a position to be scaled down across various industries. Moreover, the platform identifies startups that can offer such solution. It then provides them with investments that can help the startups grow their operations. Together with its partner Blue Label Telecoms (BLT), BVT strengthens its relationship with telecom operators, banks, and municipals. This has helped them to put up various economic sectors which can offer a conducive environment for the thriving of solutions into different markets.
BVL operates mainly on a venture capital and this has helped it to take up an important minority share in the iCrypto for the undisclosed fee. iCrypto has identified SA as the main market for its solutions due to the fact that the country faces a lot of cyber-security problems. iCrypto is rated on top of the best security solution. This is because it has unique ways of how it uses multiple authentication factors. These include PINS, facial and image recognition, fingerprint recognition and photographs. Additionally, once people’s identities are well-vetted they are then based directly on their mobile devices. The devices then serve as a verification key through the iCrypto website.
According to Blue Label Telecoms CIO Andrew Murray, the company has much confidence in the iCrypto solution. This made it use the solution in its business. He adds that the successful use of the solution in Cell C made it possible to make the decision to use it in the BLT. iCrypto’s CEO Dr. Vasilis Polychronidis said that iCypto is aiming at revolutionizing the security industry globally. He adds that the SA market is both an opportunity and a challenge. They are therefore looking forward to making a change in the market.
