WISeKey concludes the establishment of a Joint Venture in India (WISeKey India) to expand IoT and Cybersecurity in the Indian Market with a signed minimum commitment of CHF20m revenue.
Significantly higher recurrent revenue and profitability contribution to the WISeKey Group expected for FY2017 and beyond
Zug, Geneva and New Delhi – November 28, 2016: WISeKey International Holding Ltd (WIHN.SW) (“WISeKey“) and a group of entrepreneurs announced today that they incorporated the Joint Venture Company WISeKey India in India to deploy WISeKey`s IoT and Cybersecurity platform in the Indian market. WISeKey India benefits from the support of Indian Potash Limited (“IPL“) as both investor and partner following on the announcement made at the India Economic Summit in October this year.
IPL as minority shareholder of WISeKey India will facilitate the establishment of a WISeKey cybersecurity ecosystem in India to enable 140 million farmers (“WISeFarmers“) to tune into the digital economy and IoT using the WISeKey platform from WISeKey India. The technology will trace the movement of a fertilizer bag from the factory /port until the doorstep of the farmer, thus sub serving the larger cause of direct benefit transfers actively under consideration of the Government of India. The WISeKey India agreement with IPL includes the localization of WISeKey’s Cybersecurity platform in India to serve several markets such as the IoT, Cybersecurity and authentication of objects. The WISeKey India Joint Venture includes the development of a full Root of Trust and Public Key Infrastructure (“PKI“) for WISeKey India including a globally trusted Certification Authority under the “Digital India Vision,” a campaign launched by the Government of India that has taken major initiatives to make the country e-ready by initiating various e-governance implementations across the country like automation of income tax, passport, Company Law, e-procurement and bidding etc. Public Key Infrastructure forms the backbone for all these initiatives.
As per the terms of the Joint Venture, WISeKey India will create a WISeKey Cryptographic Root of Trust in India for IoT manufacturers and chipmakers allowing them to add digital certificates on their chips at the hardware level to encrypt the communication and authenticate the devices. The first project with IPL is already under development for the use of semiconductor IoT chips and Asymmetric Keys to authenticate a very large number of products to be deployed in the country and will be delivered during 2017, leading to consolidated revenues of WISeKey of at least CHF20m in 2017. During the course of 2017, WISeKey NFC semiconductor chips with the WISeKey Identity will be delivered to IPL to distribute to the 140m WISeFarmers. Such chip is then to be inserted into the handsets of WISeFarmers without any tailored adaptation required.
Creating the first comprehensive trusted end-to-end cybersecurity platform for people and objects (IoT)
WISeKey is currently deploying large scale IoT digital identities for objects including watches, sensors, mobile phones, laptops and wearables using its Cryptographic Root of Trust and VaultIC© Semiconductors IoT technology. This trusted technology integrates wearable technology with secure authentication and identification, in both physical and virtual environments, and empowers IoT and wearable devices to become secure transactional devices. Many countries are already working on what we call Industry 4 which is the next stage of industrial manufacturing and a paradigm shift toward smart factories which could be the advent of a fourth industrial revolution. So are we in fact on the verge of a fourth revolution with $14.4 Trillion of Value at Stake for Companies and Industries. WISeKey has already received patents in USA http://goo.gl/ozgOQm, Switzerland and Canada.
The Root of Trust (“RoT“) serves as a common trust anchor, which is recognized by the operating system (“OS“) and applications, to ensure the authenticity, confidentiality and integrity of on-line transactions. With the Cryptographic Root of Trust embedded on the device, the IoT product manufacturers can use code-signing certificates and a cloud-based signature-as-a-service to secure interactions among objects and between objects and people.
At the heart of this strategy is the OISTE-WISeKey Cryptographic Root of Trust which has been actively used since 1999 by over 2.6 billion desktops, browsers, mobile devices, SSL certificates and Internet of Things / Semiconductors devices. The OISTE WISeKey Cryptographic Root of Trust is ubiquitous and universal, and a pioneer in the identification of objects.
Addressing fast growing IoT market
It is estimated that the global wearable market will grow at an annual rate of 35% over the next five years. The rapid growth of the number of connected devices is driving the shift from the current traditional mobile payment method to highly secure transactions from wearable devices using trusted communications and authentication technology. WISeKey’s Cryptographic Root of Trust and NFCTrusted© technology enables these wearable devices to connect safely and make secure payments and other transactions.
WISeKey India will also deploy a private-label mobile application and service platform that provides Near Field Communication (NFC) payment functions, pre-paid services capabilities, e-coupons, targeted advertising, as well as the management of and access to personal data by users. The IPL platform will also provide real time traceability to all products produced and distributed by IPL such as fertilizer bags as every object will have a digital certificate of authenticity. It is based on the principle of the traditional paper-based certificate, but instead of using a forgeable piece of paper, a non-duplicable digital certificate is stored on a cryptographic chip or Intelligent Trusted Code embedded into the Fertilizer Bag. This allows manufacturers, distributors or resellers to directly engage with the WISeFarmer to prove the authenticity of the items to their customers, and of course, for the customers to securely engage with IPL and their ecosystem over the Internet.
WISeKey is a leading cybersecurity company and selected as a World Economic Forum Global Growth Company. WISeKey is currently deploying large scale Internet of Things (“IoT”) digital identity ecosystems and has become a pioneer of the 4th Industrial Revolution movement launched this year at the World Economic Forum in Davos. WISeKey’s Swiss based Cryptographic Root of Trust (RoT) integrates wearable technology with secure authentication and identification, in both physical and virtual environments, and empowers IoT and wearable devices to become secure transactional devices. WISeKey has patented this process in the USA as it is currently used by many IoT providers.
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About Indian Potash Limited
IPL’s mission is to provide efficient, consistent and cost effective fertilizers, in addition to knowledge and services to the Indian Farmer. IPL has a customer end-user base of 140 million farmers and 200 company owned distributor channels. The evolution of IPL started sometime before the seeds of ‘Green Revolution’ got sown in the bed of Indian Agriculture. Indian Potash Limited was incorporated under Indian Companies Act with the objective of import-handling, promotion and marketing of Potash in the entire country. IPL’s activities and support it provided to its members are valued by the farmers across the nation, and are recognized by the Sivaraman Committee on Fertilizers as well as the National Commission on Agriculture.
The company handles about four million tons of fertilizer shipments annually, servicing all of India’s major and minor ports. With the core competence of IPL being its excellent stevedoring, clearing and forwarding arrangements from and to ports, matching infrastructure of port godowns and warehouses, onshore mobile bagging plants and inland storage facilities at more than 500 strategic locations, the company plans to consolidate these inherent strengths by developing port-related projects as part of its ongoing expansion plan. The efficient management, ship-handling and distribution of a large range of fertilizers to domestic retail outlets through cooperatives continues to be the backbone of IPL for over six decades
For more information, visit www.indianpotash.org
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