Tyfone and In-Q-Tel Sign Strategic Agreement to Bring Mobile Security in Cloud and NFC Transactions for U.S. Government

PORTLAND, Ore. --(Business Wire)--

Tyfone (www.tyfone.com), a global innovator in mobility, providing software, security and Near Field Communication (NFC) solutions, today announced a strategic investment and technology development agreement with In-Q-Tel (IQT). IQT is an independent, nonprofit organization that identifies innovative technology solutions to support the U.S. government.

"Tyfone has an impressive patent portfolio and history of innovation in mobile financial, secure ID management and NFC solutions," said Jay Emmanuel, Technology VP at IQT. "We believe that Tyfone's technology has the potential to address a wide range of complex government and commercial secure identity challenges."

"A key benefit of our strategic partnership with IQT is the ability to take our innovative mobile security and NFC platform to the U.S. government," said Dr. Siva Narendra, CEO and co-founder of Tyfone. "Our platform includes high volume manufactured hardware that brings smartcard security and NFC to virtually any mobile phone, tablet or PC. In addition, our mobile platform's software has processed over 7 million secure financial transactions, and we look forward to extending it to IQT's government customers."

Cloud services that leverage mobile devices as a channel and a transaction tool have augmented the consumer experience by allowing anytime, anywhere access. However, cloud services have also created significant, central points of vulnerability. The seamless adition of a smartcard to any existing mobile device using Tyfone's technology brings distributed, strong authentication and secures access to any services in the cloud, on any network. The strategic relationship with IQT is further validation that the Tyfone solution is poised to address a recognized commercial and market need.

Tyfone's mobile platform makes a wide range of mobile channel access and wallet uses highly secure, including access to financial data, corporate and government networks, Web login and transactions, as well as physical world transactions using NFC. Tyfone recently prepared an article addressing these security objectives that was published by IQT, a copy of which is available upon request at: http://tyfone.com/IQT.

For more information about IQT, visit http://www.iqt.org.

About IQT

In-Q-Tel (News - Alert) is the not-for-profit, strategic investment firm that works to identify, adapt, and deliver innovative technology solutions to support the missions of the U.S. Intelligence Community. Launched in 1999 as a private, independent organization, IQT's mission is to identify and partner with companies developing cutting-edge technologies that serve the national security interests of the United States. Working from an evolving strategic blueprint defining the Intelligence Community's critical technology needs, IQT engages with entrepreneurs, startups, researchers, and investors to deliver technologies that provide superior capabilities for the CIA and broader Intelligence Community. For more information, visit www.iqt.org.

About Tyfone

Founded in 2004, Tyfone's Corporate Headquarters are in Portland, Oregon, USA and its Asia-Pacific Headquarters are in Bangalore, India. Tyfone is a global innovator in mobility - providing software, security and payment products. Tyfone and its partners enable a suite of services including Mobile Banking, iCashe™ Mobile Wallet, smart card based Mobile Payments and Mobile Distributed Identity for use in-store with NFC and for use in the cloud without NFC. Tyfone's enabling technology includes SideTap™ and SideSafe™ distributed security hardware form factors for mobile devices and u4ia® mobile software platform for transaction and identity management. Tyfone's patent portfolio covers critical technologies including mobile wallet, secure element, authentication, mobile commerce user interface, OTA provisioning and mobile contactless NFC payments. To date, Tyfone has over 300 issued invention claims along with 50 issued and pending patents in the U.S., Taiwan and Patent Cooperating Treaty (PCT) countries. For more information visit www.tyfone.com.

Tyfone, iCashe, SideTap, SideSafe and u4ia are trademarks of Tyfone, Inc. All other names are the property of their respective owners.