Sony Innovation Fund Makes Investment in MagicCube’s New Category of Software Defined Trust

MagicCube, the creator of the world’s only Software Trusted Execution Environment platform, announced that Sony Innovation Fund (SIF), Sony’s corporate venture fund, has made a strategic investment in MagicCube. Late last year, MagicCube was awarded the first certification of a software-based Trusted Execution Environment issued by EMVCo, the consortium owned by American Express, Discover, JCB, Mastercard, UnionPay, and Visa Inc.

“Many believe that MagicCube’s hardware-free software platform has ushered in a new era in security by making it safe and easy for merchants to use any mobile or IoT device to conduct payments,” said Gen Tsuchikawa, Chief Investment Officer, Sony Innovation Fund. “They took an innovative and scalable approach, thereby enabling merchants throughout the world to benefit from best-in-class payment acceptance while offering a much more seamless experience for their customers. This is Sony Innovation Fund’s first FinTech investment outside of Japan and we could not be more excited to join forces with this team as they set out to democratize the way payments change hands.”

Sony Innovation Fund joins a group of investors, which includes Azure Capital, Bold Capital, Epic Ventures, NTT Data, and Visa Inc., as the investment validates the ‘game-changing approach’ that MagicCube has brought to the payments security space. Despite being deemed nearly impossible by the industry, the company’s software TEE-based platform is making big waves across several verticals currently dominated by major hardware security vendors.

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MagicCube’s first addressable market is disrupting the 48 billion dollar-per-year legacy payment terminal market. Merchants and banks can now forgo buying and subsidizing expensive, single-function card-acceptance devices, and instead, use apps secured by MagicCube for accepting payments at the point of sale.

“We have been hard at work for the past two years developing this entirely new category in an industry where standards have been dominated by hardware,” MagicCube Co-founders Nancy Zayed and Sam Shawki said. “We are delighted to see an industry giant like Sony supporting the new paradigm of mobile and IoT device security that we call Software Defined Trust (SDT). As always, when software replaces hardware, everything becomes downloadable and upgradable, allowing the market to grow exponentially.”

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MagicCube is positioned to lead the SDT category, disrupting the current dominance of hardware-based security. Network World recently named MagicCube as one of “10 Hot IoT Startups to Watch.” The company was also awarded the title of Cool Vendor in Security and Risk Management by Gartner, and recently partnered with the PCI Security Standards Council.

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