Eindhoven-based SandGrain, a company that specialises in ‘Trusted Authentication,’ announced on Tuesday, April 11, that it has secured €1.3M in a Seed investment round from venture capital fund DeeptechXL.
DeepTechXL launched a €75M DeepTechXL Fund I in 2022 with partners ASML, Philips, PME Pension Fund, Invest-NL, Brabantse Ontwikkelings Maatschappij (BOM), research institute TNO, and several family offices.
“We are excited to invest in SandGrain because we see great potential in their disruptive approach to enhancing security in the fast-growing industrial Internet of Things applications. In addition, we believe that the team has the potential to play a crucial role in the deployment of circular economy concepts across various industries,” says Guus Frericks, managing partner of VC-fund DeeptechXL.
The Dutch company says it will use the funds to accelerate its growth and product development.