TIDMTERN
Tern PLC
08 February 2021
REACH
8 February 2021
Tern Plc
("Tern" or the "Company")
FundamentalVR contract and Device Authority partnership
Tern Plc (AIM:TERN), the investment company specialising in the
Internet of Things ("IoT"), is pleased to provide a further update
on the recent activities of two of its portfolio companies, Device
Authority Limited ("Device Authority") and FVRVS Limited
("FundamentalVR").
Highlights
-- Device Authority has formed a strategic partnership with EPS
Global, a worldwide provider of integrated circuit ("IC")
programming and secure provisioning services, and Intrinsic-ID, a
leading global provider of security IP for embedded systems based
on physical unclonable function ("PUF") technology. The partnership
is designed to enable customers to be able to access end-to-end
security lifecycle management and secure the provisioning of
PUF-enabled devices.
-- Fundamental VR has secured an important contract from a new
client to create a simulation in the field of regenerative
medicine, valued at approximately GBP0.5 million in its initial
phase, and a further GBP0.2 million over the following three years
for enhancements.
Commenting Al Sisto, CEO of Tern, said :
"I am delighted to be able to report two further strategic
developments from our portfolio companies.
" We are delighted with the announcement of Device Authority's
three-way partnership, as it exemplifies the advantages of
combining advanced technologies to create a 'Secure by Design'
solution for customers. This partnership is designed to solve a
complex global IoT security problem, which currently requires
disparate solutions that create significant overhead,
administration and barriers to scale, by providing a secure,
automated and highly-scalable chip to cloud capability. It can also
be flexibly adopted at the design stage, to cover wide-ranging
customer technical security, IoT device enablement and provisioning
of service requirements. The partnership will focus on the
manufacturing and automotive markets, which are experiencing
growing adoption of end-to-end solutions.
"The further contract win by FundamentalVR is, I believe,
strategically important for them and provides recognition of their
expertise in the growing area of regenerative medicine. Utilising
FundamentalVR's technology will allow surgeons to practice a very
delicate procedure through a realistic simulation, delivering
significant benefits for both the patients and the medical
professionals involved.
"We look forward to announcing further developments with our
portfolio companies as they arise."
Device Authority
Tern has a 56.8% holding in Device Authority (A shares) and as
at 30 June 2020 this had a book valuation of GBP13.8 million. Tern
holds convertible loans totalling approximately US$4.3 million and
Tern also holds 12,406 B shares in Device Authority. Device
Authority's B shares are non-voting, and in conjunction with its C
shares, participate in 25% of the net proceeds on a liquidity
event.
Device Authority, a global provider of identity and access
management ("IAM") solutions for the Internet of Things (IoT), has
announced a strategic partnership with EPS Global ("EPS Global"), a
worldwide provider of IC programming and secure provisioning
services, and Intrinsic-ID, a leading global provider of security
IP for embedded systems based on physical unclonable function
("PUF") technology. PUFs can be used as robust and lightweight
solutions to secure IoT devices. The partnership is designed to
enable customers to be able to access end-to-end security lifecycle
management and to secure the provisioning of PUF-enabled
devices.
EPS Global provides secure provisioning services from its global
network of secure programming centres, and through their ecosystem
of partners delivers a complete end-to-end security solution for
their customers' connected devices. Through this new partnership,
customers will be able to protect their IoT devices, applications
and data in the field through Device Authority's KeyScaler (â)
platform.
To solve security problems in IoT systems, such as
authentication, product lifecycle management, reverse engineering
and cloning, each device needs an unclonable identity. This
consists of a secret key, a public key and a certificate. A
significant challenge in IoT security is how to insert these
credentials into the device and the IoT application via an
automated approach, with security lifecycle management in mind.
Intrinsic-ID's technology creates the secret key of the unclonable
identity from within, derived using the intrinsic randomness in
uninitialised static random-access memory (" SRAM"). This secret
key is not stored, but is dynamically regenerated from the SRAM
PUF.
Device Authority's partnership with EPS Global and Intrinsic-ID
is designed to enable customers to securely provision devices at
any point in the supply chain and manage the security lifecycle of
these devices into the enterprise. Customers will be able to
seamlessly access a global network of secure programming centres to
service their secure provisioning requirements, from prototypes to
high volume usage.
Darron Antill, CEO of Device Authority, commented : "This
partnership makes absolute sense for our joint customers. Device
Authority with EPS Global and Intrinsic-ID is able to secure the
IoT lifecycle for customers. Collaboration as early as possible in
the IoT device lifecycle yields stronger security and further
supports the 'Secure by Design' approach. EPS Global and
Intrinsic-ID are closely aligned with our technology and
customer-focused vision, which can be seen in our 'Enterprise IoT
Security Blueprint' guide, available on our website. We look
forward to providing a joint solution to new and existing customers
who are prioritising IoT security."
Colin Lynch, CEO of EPS Global, commented: "We are delighted to
join up with Device Authority and Intrinsic-ID, as our mission to
make it easy to secure any smart device, and make the connected
world safer aligns closely with both companies. At EPS Global we
have given thought to the process of how our customers develop and
deploy secure designs in the most seamless and cost-effective
manner, and this strategic partnership is a natural progression in
our evolution into an end-to-end security partner for our
customers. Intrinsic-ID's PUF technology provides an additional
level of hardware security, utilising the inherent uniqueness in
each and every silicon chip."
Kamal Khan, IoT Security Global Director at Intrinsic ID,
commented : "Our SRAM PUF-based security solutions are a backbone
for applications such as secure key generation and storage, device
authentication, flexible key provisioning and chip asset
management. This partnership with Device Authority and EPS Global
provides our global customers with a secure provisioning solution
for these applications. EPS Global's secure way to provision
devices at the chip level in a secure production environment
provides full protection to the devices throughout the supply
chain, establishing a 'Root of Trust' at device creation."
FundamentalVR
Tern has a 26.9% holding in FundamentalVR and as at 30 June 2020
this holding had a book valuation of GBP3.0 million.
Following the four contract wins announced by FundamentalVR in
late November and early December 2020, and in February 2021, for a
combined value of approximately GBP2.3 million, FundamentalVR has
secured an important further contract win.
The contract is for a new client and is to create a simulation
that utilises FundamentalVR's unique HapticVR technology in a new
use case, in relation to an implant for regenerative medicine,
forming an integral part of the client's new offering. This
contract is valued at approximately GBP0.5 million in its initial
phase, and a further GBP0.2 million over the following three years
for enhancements.
The virtual haptic process simulation being built will enable
surgeons to practice a challenging medical procedure, and so
improve the successful deployment when they operate in real-life.
The HapticVR simulation being produced by FundamentalVR also has a
secondary benefit of being able to be used as a tool by sales
forces to demonstrate the system in a more holistic, memorable and
immersive way than simply showing and demonstrating the implant to
a surgeon.
Enquiries
Tern Plc via IFC Advisory
Al Sisto (CEO)
Sarah Payne (CFO)
Allenby Capital Limited Tel: 0203 328 5656
(Nominated Adviser and Broker)
David Worlidge / Alex Brearley (Corporate
Finance)
Matt Butlin / Kelly Gardiner (Sales
and Corporate Broking)
IFC Advisory Tel: 0203 934 6630
(Financial PR and IR) tern@investor-focus.co.uk
Tim Metcalfe
Graham Herring
Florence Chandler
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