ASHBURN, Va.--(BUSINESS WIRE)--RiPSIM Technologies, makers of the world’s first software platform for generating and delivering mobile network authentication credentials on demand, today announced a $5 million Seed Series funding round, led by cybersecurity-focused Ten Eleven Ventures. This investment will fuel the expansion of RiPSIM’s eSIM-as-a-Service management platform, a novel solution modernizing the eSIM generation and delivery process. Using RiPSIM’s platform, carriers and network operators gain full custody and control over the entire credentialing process, so they can more securely authenticate subscribers to their networks, easily and on demand, and expand and grow their businesses in new ways.
“RiPSIM is transforming the creation and delivery of an overlooked aspect of digital identity authentication in our day-to-day lives,” said Alex Doll, co-founder and managing partner of Ten Eleven Ventures, who will now join the RiPSIM board of directors. “eSIMs are the least understood part of the wireless network, requiring deep domain expertise to build and manage. As a cybersecurity specialist investment firm, we are extremely interested in innovative ways of expanding this critical security layer in an efficient, low-cost way. Even more exciting is imagining what new offerings just-in-time eSIMs will unleash for carriers and their customers as 5G network adoption, and its enabling architectural changes, simultaneously permeate the mobile ecosystem.”
Demand for eSIMs is large and set to explode. When Apple declared in 2022 that all its North American smartphones from iPhone 14 forward will have only eSIMs, they accelerated the transition to eSIMs. The number of 5G mobile phone subscriptions alone are projected by Ericsson to reach nearly 5.6 billion in 2029, and at least as many IoT connections will require eSIMs worldwide in the coming years. Between Apple’s decision and the upcoming growth expected in 5G and IoT applications, the pressure to produce eSIMs rapidly and affordably is expected to grow.
Also joining the RiPSIM board is Malte Pollmann, the former CEO of Utimaco, a global cybersecurity and compliance solutions and services provider, and a member of the Strategic Advisory Board of Ten Eleven Ventures.
Pollman commented: “The current method for creating and delivering SIM cards and eSIMs is outdated, relying on old technology and largely labor-intensive processes. Currently, carriers and network operators wait up to months for the eSIMs they need to authenticate subscribers to their networks. By modernizing and integrating the complete eSIM lifecycle management, RiPSIM’s patented cloud-based platform disrupts this legacy process. And by putting the creation of eSIMs in customers’ hands, RiPSIM is opening up new areas of product and market expansion for carriers, mobile network operators, and enterprises.”
“We’re delighted to have the backing and confidence of Ten Eleven Ventures as we work to bring our game-changing solution to customers both large and small, wherever they are in the world,” said Chris Jahr, RiPSIM CEO and co-founder. “RiPSIM has used our deep knowledge and years of experience in the SIM world to completely reimagine how eSIMs should be created and managed. By making eSIMs easy, quick and affordable to generate, our eSIM-aaS platform enables carriers and mobile network operators to manage their own credentials, freeing them from reliance on third parties and allowing them to establish and enter entirely new markets.”
Today’s announcement highlights a milestone year for RiPSIM. The company has grown its customer roster while expanding into military and government verticals and Tier One carriers, private network operators, MVNOs and travel SIM operators. Recent customers announced include GigSky, a leading provider of eSIMs for international travel; mobi, a popular Hawai’i-based wireless carrier; James Valley Wireless (JVW), a South Dakota-based telecom company serving largely rural customers; and SEMPRE, a Colorado-based company dedicated to securing critical infrastructure.
Rob Spalding, CEO of SEMPRE, retired U.S. Air Force Brigadier General and former White House National Security Council senior director for strategic planning, said: “RiPSIM has created the ability for us to have a completely sovereign eSIM, which was an important missing piece in our communication and edge cloud solution. RiPSIM is the only company we know that can deliver this level of security and control over such a vital piece of wireless technology.”
About Ten Eleven Ventures
Ten Eleven Ventures is the original cybersecurity-focused, global and stage-agnostic investment firm. The firm finds, invests in and helps grow top cybersecurity companies addressing critical digital security needs, tapping its team, network and experience to help build successful businesses. Since its founding, Ten Eleven Ventures has raised over $US 1 billion and made over 50 cybersecurity investments across stages worldwide, including KnowBe4, Darktrace, Axis Security, Twistlock, Verodin, Cylance and Ping Identity. For more information, please visit 1011vc.com.
About RiPSIM Technologies
RiPSIM Technologies has developed and patented the world’s first end-to-end eSIM-aaS management platform. This digital identity authentication platform enables wireless service providers and 4G/5G private network operators of any size to design, develop and deliver eSIMs at any time, in any quantity, for any device and at the highest security level in the wireless industry. RiPSIM’s GSMA-certified, cloud-native, microservices-based software features highly intuitive and easy-to-use interfaces that allow users, regardless of skill level, to develop eSIMs with confidence. Now, wireless service providers can fully automate their eSIM workflows and reduce operational expenses. For more information, visit www.ripsim.com.
