RiPSIM Technologies – the makers of the world’s first software platform for generating and delivering mobile network authentication credentials on demand – announced a $5 million Seed Series funding round led by cybersecurity-focused Ten Eleven Ventures. This funding will drive the expansion of RiPSIM’s eSIM-as-a-Service management platform, a novel solution modernizing the eSIM generation and delivery process.
Utilizing 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.
The demand for eSIMs is significant. After Apple declared in 2022 that all its North American smartphones from iPhone 14 forward will have only eSIMs, the transition to eSIMs was accelerated. Plus, 5G mobile phone subscriptions are expected to surge, so many IoT connections will require eSIMs worldwide in the coming years.
Malte Pollmann (the former CEO of Utimaco), a global cybersecurity and compliance solutions and services provider and member of the Strategic Advisory Board of Ten Eleven Ventures, will join the RiPSIM board.
This 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. And 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.
KEY QUOTES:
“RiPSIM is transforming the creation and delivery of an overlooked aspect of digital identity authentication in our day-to-day lives. 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.”
-Alex Doll, co-founder and managing partner of Ten Eleven Ventures, who will now join the RiPSIM board of directors
“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.”
-Malte Pollmann
“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. 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.”
-Chris Jahr, RiPSIM CEO and co-founder
“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.”
-Rob Spalding, CEO of SEMPRE, retired U.S. Air Force Brigadier General and former White House National Security Council senior director for strategic planning
