SANTA CLARA, Calif., May 14, 2018 (GLOBE NEWSWIRE) -- MagicCube, the creator of the world’s only Software Trusted Execution Environment platform (sTEE™), today announced it was named by Network World as one of its ‘10 Hot IoT Startups to Watch’.
Of the 79 startups that applied for Network World’s key 10, MagicCube made the exclusive list of innovative companies that are at the forefront of IoT.
“We’re honored that our team and technology is being recognized,” said Sam Shawki, co-founder and CEO of MagicCube. “The IoT industry is expanding at a breakneck pace, and we look forward to ensuring the industry moves forward with secure IoT innovation at the heart of it.”
The accolade is the result of MagicCube’s approach to solving the inherent problem most IoT devices have – the lack of chip- or SIM-based security to manage their identity, remotely or otherwise. Additionally, consumer IoT devices cannot be managed using traditional platforms that are designed to work within the fixed perimeter of the enterprise.
MagicCube’s solution? Eliminating the need for a special chip and/or chip partition, moving the secure execution area into a software-only container. MagicCube replaces the on-chip TEE with a “software Trusted Execution Environment (sTEE),” or what MagicCube refers to as “the Cube.”
MagicCube’s sTEE platform has a wide range of use cases, including in driverless cars, medical devices, fintech and government. Specifically, any IoT devices that can't be secured using legacy solutions.
One of the best examples of MagicCube’s sTEE platform in action is in the payments industry with the company’s innovative PIN-on-Glass technology. PIN-on-Glass is capable of replacing the need for hardware-secure elements to build, deploy and remotely provision and manage point-of-sale (POS) systems and other IoT devices. MagicCube’s PIN-on-Glass transforms regular mobile devices into secure, full-featured POS systems capable of handling sensitive data, such as payment card PINs, on consumer device touchscreens of all sizes.
It’s been a busy year for MagicCube. After partnering with the PCI Security Standards Council last year and contributing to the newly issued PCI Security Standard for software-based PIN entry on commercial off-the-shelf devices (COTS), such as smartphones and tablets, MagicCube remains one of the strongest industry voices in bringing PIN-on-Glass solutions to market. MagicCube also recently partnered with Javelin Strategy and Research to outline the impact of PIN-on-Glass technology on POS commerce.
“It’s a huge year for IoT. Analysts estimate that the IoT market already contains more than 20 billion+ connected devices. That’s an absolutely massive market opportunity. MagicCube and the rest of the winners in this competition earned the right to call themselves one of our ’10 Hot IoT Startups.’ They faced rigorous competition, fighting their way through increasingly difficult challenges as part of our selection process,” said Jeff Vance, founder and editor-in-chief of Startup50 and founder of the award. “With so much noise in the IoT space, finding startups that can deliver on their promises is easier said than done. We believe we’ve succeeded with these 10 startups. We’re excited by this year’s crop of winners and can’t wait to see them execute on their visions.”
About MagicCube
MagicCube is the creator of the world’s only Software Trusted Execution Environment (sTEE™) platform, a technology that enables large-scale deployment and management of IoT and mobile-secure solutions to consumers. The MagicCube sTEE platform provides a secure in-app container that protects sensitive data, sensitive logic, and cryptographic operations on the device while offering unprecedented ease of large-scale deployment and remote management capabilities. MagicCube is completely hardware-independent, runs on any smart device and is not limited to enterprise deployments. MagicCube has developed a suite of products (MC-Token Shield and MC-Screen Shield) capable of replacing the need for hardware-secure elements to build, deploy and remotely provision and manage point-of-sale systems and other IoT devices. For more information, visit www.magiccube.co or follow us on Twitter @Magic3inc.
Media Inquiries:
Paul Wilke
MagicCube
paul@uprightcomms.com
+1-415-881-7995