SAN FRANCISCO , July 19, 2022 /PRNewswire/ — In-Q-Tel, Inc. (IQT) and Bank of Silicon Valley reward Palitronica as the Most Innovative Safety Focused Company 2022 at the 10th Annual In-Q-Tel & SVB Discovery Event, held recently at the Julia Morgan Ballroom in San Francisco, California.
Sebastien Fischmeister, Ph.D. PEng, co-founder and CEO of Palitronica, presented the company’s pioneering physics-based cyber defense solution, which provides cyber material and mission assurance (CMMA) for critical physical infrastructure. The company can identify through echo response signal technology if a hardware item is compromised or otherwise counterfeited, during manufacturing, mission and operations, or the supply maintenance lifecycle. Palitronica’s patented technology has already been used to identify counterfeit microcontroller chips with 100% accuracy (see white paper here), and has applications in various industries, including manufacturing and defense.
“Presenting Palitronica and its new hardware vulnerability filtering solution stood out among companies tackling emerging cyberthreats during the 10e annual discovery event,” said George HoyemExecutive Vice President of Investment at IQT.
The annual Discovery Events event offers startups the opportunity to showcase their technology to representatives of the intelligence and defense community, as well as investors. Ten startups were selected from more than 120 submissions to pitch their companies to a panel of government and Fortune 500 leaders from companies including NVIDIA, H&M, Lockheed Martin, IBM, Microsoft 365, Johnson Controls, ExxonMobil and JetBlue Airways. Companies selected to participate in the event included Authomize, Fuzzbuzz, Modern, Palitronica, Picnic Security, Robust Intelligence, Stairwell, Symmetry Systems, Thistle Technologies and VulnCheck.
“We have spent several years researching the technology behind our hardware assurance for supply chains. We are thrilled with this award and its recognition,” commented Fischmeister.
Companies must trust, but also verify, their suppliers and their supplier’s supplier. Whether it’s recycled e-waste sold as new, counterfeit chips, or malicious hardware implants, Palitronica’s solution can help governments and enterprises manage the risk of buying from any vendor.
As nation states and bad actors around the world grow more aggressive, leaders today face an unprecedented volume of threats and challenges regarding cybersecurity, supply chain risks, disinformation and other emerging vulnerabilities. Given the pace of change and the novel nature of many threats to businesses, it’s never been more important to keep up to date with startups that can help tackle these challenges head-on.
“As a CISO, it’s imperative to keep an eye out for the next generation of cyber innovation coming to market. Today’s discovery event with IQT showcases some of the best early-stage startups backed by big names. start-up investors,” said Grant Bourzikas, CISO at Silicon Valley Bank. “Palitronica solves a real and growing problem and takes an entirely new approach. Congratulations to Sebastian and the Palitronica team.”
Additionally, the CEO of Silicon Valley Bank Gerald Brady commented, “The companies that entered this year were among the strongest cohort of companies we have seen, so selecting a winner was no easy task. Congratulations to Sebastian and Palitronica on their win. Counterfeit chip detection is a huge challenge and only becoming more critical, and we look forward to Palitronica’s next steps.”
About In-Q-Tel, Inc.
In-Q-Tel, Inc. (IQT) is the nonprofit strategic investor accelerating the development and delivery of cutting-edge technologies to US government agencies that keep our country secure. IQT was established in 1999 with a distinct mission: to identify and partner with start-up companies developing innovative technologies that keep our country safe and secure. Visit www.iqt.org for more information.
About Silicon Valley Bank
Silicon Valley Bank, the bank for the world’s most innovative companies and investors, provides commercial banking services, expertise and knowledge to industries in technology, life sciences and healthcare, private equity, venture capital and premium wine. Silicon Valley Bank operates in innovation hubs around the world and is one of SVB’s core businesses along with SVB Capital, SVB Private and SVB Securities. With global commercial banking services, Silicon Valley Bank helps meet the unique needs of its dynamic, fast-growing, and innovative customers. Learn more aboutsvb.com.
SOURCE Bank of Silicon Valley