WISeKey establishes Joint Venture in India to expand IoT and Cybersecurity
WISeKey International Holding Ltd. and a group of entrepreneurs incorporated the joint venture Company WISeKey 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 will facilitate the establishment of a WISeKey cybersecurity ecosystem in India to enable 140 million farmers 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.