Business incubator to boost security innovation in IoT
IAR Systems Group has announced that the Group is dedicating an investment fund and efforts to help grow innovative startup companies within IoT and security solutions. Through the Ymir business incubator, the Group will support companies who have new innovative ideas and high-growth potential.
Security is becoming a crucial success factor for many companies providing electronic products, and as a result, there are a large number of startup companies entering the field with new innovative solutions for simplified and strengthened security implementation.
According to the report ‘IoT Global Forecast & Analysis 2015-2025’ from Machina Research, there will be 27 billion IoT connections in 2025. This rapidly growing market is facing major security challenges, enabling attacks such as IP theft, counterfeiting and overproduction, as well as data theft and potentially life threatening sabotage.
Despite these threats, secure products today constitute only four percent of the total number of IoT products available on the market, according to ABI Research (IoT Perspective - From Design to Life Cycle Management). According to ABI Research, the total market for secure microcontrollers for IoT can reach $1.2bn dollars in value in 2022. The same year, secure IoT products are predicted to represent almost 20 percent of new IoT units.
In 2018, the global IoT security provider Secure Thingz became part of IAR Systems Group. Founded and headed by security experts, the company strengthens the Group with exceptional expertise within the fields of device security, embedded systems, and lifecycle management.
“By investing in new technology, we will gain greater insights into new technologies and a strong position for extending our security value,” commented Stefan Skarin, CEO, IAR Systems Group. “Within Ymir, we will go for an initial limited ownership with open possibilities to grow, divest and acquire these startup companies.”
Haydn Povey, CEO, Secure Thingz, added: “We are taking a leading role in IoT security and this is the next step on that journey. By investing in technology startups, we will be able to provide innovative solutions on top of our existing security offering and gain a powerful engineering foothold to defend our position as frontrunners in this expanding industry.”
Through Ymir, IAR Systems Group will take an active ownership role with board representation in the selected startup investees. The Group is currently evaluating the first set of candidates.