A new funding round of €810K euros from Club degli Investitori and Vertis SGR confirms ToothPic as an emerging player in the cybersecurity scenario.
TORINO – January 19th, 2021 – ToothPic Srl, an Italian startup dedicated to improve the security and usability of authentication processes, announces the closing of the second round of funding for €810K to consolidate the growth of its innovative multi-factor authentication solution. ToothPic is a university spin-off of Politecnico di Torino and is incubated by I3P, the university Incubator for Innovative companies.
The proprietary technology of ToothPic leverages the unclonable manufacturing imperfections of the photographic sensor which make each device unique. The technology protects the cryptographic keys that are used to identify a device on the web by encrypting them using those invisible imperfections. With ToothPic, user credentials are protected from malware as they are never exposed. Furthermore, the system is extremely flexible, easy to use and integrate. Through a simple click on their smartphone, the user will activate the verification process, obtaining a higher level of security at each authentication. The technology was developed for Android and iOS and protects the type of credential already widely used in commercial and widespread systems, making its integration fast and easy.
In today’s world digital security and the need to protect assets with cutting-edge technology have become a fundamental priority. The multiple applications and use cases of ToothPic represent a new opportunity for Corporates, Banks and Insurance players to increase security and usability of their systems.
The investment in ToothPic was granted by Club degli Investitori and Vertis Venture 3 Tech Transfer Fund (VV3TT). Club degli Investitori is one of the main networks of Italian Business Angels, with the support of KPMG Associated Law Firm and through Simon Fiduciaria of the Ersel Group. The investment results from the close collaboration between Club degli Investitori and I3P.
VV3TT is the first Venture Capital fund launched in Italy entirely dedicated to Technology Transfer, managed by Vertis SGR SpA with Venture Factory srl as exclusive advisory company. VV3TT is supported by EIF through InnovFin Equity, with the financial backing of the European Union under Horizon 2020 Financial Instruments and the European Fund for Strategic Investments (EFSI) set up under the Investment Plan for Europe. The purpose of EFSI is to help support financing and implementing productive investments in the European Union and to ensure increased access to financing.
Vertis Venture 3 Tech Transfer (VV3TT) believed in the potential and uniqueness of the ToothPic since 2018, supporting the design phase with a first round of seed investment. The Club degli Investitori has joined the team since early 2020 to consolidate the path of growth and development, supporting ToothPic in the definition of the business model and in the development of commercial partnerships.
Insight of the Announcement
“The resources guaranteed by this round of funding will help ToothPic to grow in the target market of cybersecurity, where Italian and European technologies shall have a more important role. I would like to thank our new partners of Club degli Investitori, the VV3TT fund which keeps believing in ToothPic and Business Factory which has supported us in the strategic and operational phase of this important operation” said Giulio Coluccia, CEO and Founder of ToothPic.
“Thanks to our first seed investment ToothPic has been able to grow, structure itself and transform a brilliant scientific discovery into a unique product that contributes to solving the problem of identity theft and the robustness of online authentication, crucial aspects of cybersecurity worldwide. We are particularly glad to confirm and extend our commitment to the growth of ToothPic in synergy with the Club degli Investitori which has already proved its business skills and market connections in order to accelerate ToothPic’s spread and its impact in many industrial sectors” said Roberto della Marina, Managing partner of Venture Factory.
“The commercial approach, which is proving to be effective, was to identify and build partnerships with System Integrators to break into the market. This approach is allowing the development of joint sector-specific offers capable of supplying the customer with turnkey solutions. The implementation-oriented design refinements are employed obeying to project control, quality control and system start-up methodologies used by leading companies operating in the field of cyber security at international scale”, said Piero Bergamini and Biagio Franco, the two Champions representing the Club degli Investitori.
“This investment demonstrates the role of the university in the growth of the Turin innovation model on one hand, while on the other hand it underlines the need to create a system with far-sighted partners, able to support ambitious projects. We are proud of ToothPic’s new funding round, whose technology can innovate and provide a strategic contribution to the IT security sector, especially with the spread of remote work which increases the risk of cyber attacks for the users”, said Giuseppe Scellato, President of I3P.
ToothPic is a spin-off of Politecnico di Torino, a major engineering school in Italy and Europe. ToothPic was founded by a team of 4 professors and researchers from the Department of Electronics and Telecommunications with years of experience in the fields of camera identification, security and forensic analysis. ToothPic has invented, designed, developed and patented a solution to turn every smartphone into a secure key for online authentication. The technology is currently protected by 4 patents. ToothPic is supported by I3P, the incubator of Politecnico for innovative companies, the best public incubator worldwide according to the UBI Global ranking in 2019.
More info: www.toothpic.eu
About Vertis SGR
Vertis is an asset management company specialized in “Innovative Made in Italy” industries. Vertis is the only private equity and venture capital player located in Southern Italy, with headquarters in Naples, and an operative office in Milan. Its senior team has more than 120 years of cross-sectorial experience in finance, industry, research and consulting.
More info: www.vertis.it
Club degli Investitori
Club degli Investitori is an association made up of businessmen who invest directly in the stakes of startups, scaleups and innovative PMI with high growth potential. The members of Club degli Investitori are far-sighted investors constantly looking for capable and innovative Italian businessmen. An investment through the Club is much more than money: it means the involvement of a group of people whose network of contacts and experience is worth much more than the capital itself. The Club is based in Turin and has more than 180 Members who have invested approximately 21 million euros in 39 companies.
More info: www.clubdeglinvestitori.it
About Venture Factory
Venture Factory is the exclusive advisory company of Vertis Venture 3 Technology Transfer fund. It is led by a team of senior professionals with significant background in venture capital, multinational industries, technology transfer and research. Venture Factory works together with universities, research institutions, corporations and venture capital funds in order to turn great discoveries into successful products, services and companies.
More info: www.venturefactory.tech.