Mobile banking specialist Tyfone has more than doubled its total capital, courtesy of a summer funding round led by RPX Corporation.
The $6.6 million investment from RPX Corporation and existing investors—such as In-Q-Tel and individual investors like Steve Pawlowski and David Petraeus—puts Tyfone’s total capital at $12 million. The funds will be used to help speed the worldwide deployment of Tyfone’s ID- and transaction-security platform, and further develop the company’s banking and payment products for FIs.
Siva G. Narendra, Tyfone CEO, pointed to his company’s embrace of both biometric identity data and what he calls “securing the transaction data at the point of origin” as a difference-maker in the industry. Narendra said this “fundamentally [changes] the way companies and institutions address cybersecurity and transaction threats, be it for banking, payment or any enterprise applications.” Serving customers in a variety of industries, from banking and commerce to healthcare and government, Tyfone’s U4i1 platform and Connected Smart Card provide both a high-level identity-authentication via decentralized private keys, as well as more traditional security via single-use passwords and software keys.
With more than 100 issued and pending patents and customers including two of the top-10 credit unions in the U.S., Tyfone was named one of the “10 Most Promising Mobile Banking Solutions Providers for 2015” by Banking CIO Outlook in July. The company is the first equity investment by RPX Corporation, according to the Portland Business Journal, which has been following the funding round since May. Geoffrey Barker, co-founder and executive director of RPX, joins Tyfone’s board of directors as part of the deal.
Founded in 2004 and headquartered in Portland, Oregon, Tyfone demonstrated its Mobile Contactless Payments with Memory Card solution at FinovateSpring 2008 in San Francisco.
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