South Africa’s Blue Label Ventures (BLV) is not a security company.
It is a boutique business accelerator that focus on investment and acceleration of high growth start-ups into the international market.
But security and identity management are one of the critical issues in today’s business environment, as the fear of cyber-crime, collusion based fraud and data breaches continue to rise.
Taking this into consideration, BLV has made a bet on cyber-security with its investment in iCrypto, an identity centric enterprise platform that provides organisations with the tool sets to establish true identity, multifactor authentication.
The local boutique business accelerator, which operates purely on a venture capital model, has taken up a significant minority share in iCrypto.
It will provide the necessary assistance to drive its further expansion. The investment by BLV in iCrypto it’s a great move.
In 2017, ransom-ware attacks such as NotPetya and WannaCry shook the entire world. The cyber data breaches are immensely impacting the consumers’ confidence, for instance, most of the cloud-based companies saw close to 46% dip in profit after a major data breach incident took place.
“South Africa, which is facing a number of cyber-security challenges, has been identified as a key acceleration market for the iCrypto solution, and BLV’s investment in the company positions it to take advantage of the unique opportunities in this region,” says managing partner Tallies Taljaard.
Why Bet on iCrypto
What sets the iCrypto offering apart is how it makes use of multiple authentication factors, including fingerprint recognition, photographs, image and facial recognition and PINs.
Moreover, once individuals’ identities are properly vetted, these are then tied directly to their mobile device, which serves as the key to verification via the iCrypto platform. Their attestation and verification capabilities, coupled to the agile way iCrypto integrates into business processes really sets them apart from anything else we have come across in the market.
In a nutshell iCrypto promotes trust.
“Moreover, it is the game-changing nature of this start-up’s solution that has convinced Blue Label Ventures (BLV) to invest in the company,” says Taljaard.
The company and its partners are showing confidence in the iCrypto solution by adopting it in its businesses.
Blue Label has already implemented iCrypto in the enterprise.
Andrew Murray, CIO at Blue Label Telecoms, says that the successful use cases of the deployment at Cell C bolstered the decision to deploy iCrypto solution at Blue Label Telecoms.
Furthermore, BLV – through its affiliation with Blue Label Telecoms (BLT) – leverages its relationships with municipalities, banks, telecoms operators and many others to open up a number of economic sectors that can provide the conduits to get iCrypto solution out into
“There is a clear need for a solution like this, which can shake up the security industry, and we are of the opinion that iCrypto will significantly strengthen the existing ecosystem in this regard,” Murray says.
“It is clearly a market disruptor, which is why it so important to provide the investment required to take it to the next level. We at Blue Label Telecoms have always been passionate about entrepreneurship and the development of start-ups, and we believe iCrypto is really going to take the local market by storm.”
iCrypto provides a new approach to security for enterprises and may offer much-needed solutions to local firms.
“As an emerging market, we see South Africa as both a challenge and an opportunity, and we are eager to make our mark here, as this will provide a fantastic launch-pad for us to take the solution into the rest of the African region and beyond,” says Dr Vasilis Polychronidis, CEO at iCrypto.
He added that iCrypto has grand plans to ultimately make a serious impact on the security industry across the globe.
The investment by BLV seems to have came at a right time for iCrypto.
“We were looking for a strategic investor, one who could assist in market acquisition and understand the challenges of scaling a startup to the next level,” says Dr Polychronidis.