MagicCube, a Santa Clara, CA-based creator of a Software Trusted Execution Environment platform, received a strategic investment from Visa.
Visa, which previously invested in the company, is renewing its support for MagicCube with this latest financing. As part of the deal, the two companies will look to further their partnership by exploring new use cases in the payments industry, like Tap to Phone, where the platform can bring next-gen security, operability, and ease of integration.
MagicCube provides a software TEE-based platform, which enables large-scale deployment and management of IoT and mobile-secure solutions to consumers.
The company’s products grant modern consumer devices the ability to read contactless cards from Visa and from all other major card brands while securely capturing financial PIN and other verification methods, including biometrics. The solution provides end-to-end functionality, security, and modern acceptance capabilities previously limited to hardware-based terminals. The software-based solution offers a plug-and-play, fully contained module that can fit into the current flows of any modern acquiring bank or merchant acceptance solution.
Beyond Visa, investors in the company include Bold Capital, Epic Ventures, Sony Innovation Fund, NTT Data, Azure Capital, CVentures and Luqman Weise Capital.