RiPSIM Technologies, which enables mobile network authentication on demand, has closed a $5 million seed funding round led by Ten Eleven Ventures, a cybersecurity-focused venture capital firm with offices in Boston, Burlingame, Calif., and London.
The Ashburn, Va., startup runs a software platform from which it can issue so-called e-SIMs, or electronic subscriber identity modules, and manage user services, providing an enhanced alternative to the physical SIM cards needed to enable mobile services. Its so-called eSIM-aaS platform allows carriers and mobile network operators to directly manage customers’ credentials.
Expanding Range of Customers
“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 RiPSIM co-founder and CEO Chris Jahr. “RiPSIM has used our deep knowledge and years of experience in the SIM world to completely reimagine how eSIMs should be created and managed.”
The company said the funding would help it accelerate expansion of its eSIM-as-a-Service management platform. RiPSIM’s range of customers include tier one carriers, private network operators, mobile virtual network operators (MVNOs), travel SIM operators and in recent years military and government.
“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 joined the RiPSIM board. “eSIMs are the least understood part of the wireless network, requiring deep domain expertise to build and manage.”
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e-SIM Market ‘Exploding’
RiPSIM believes demand for eSIMs is not only large but also “exploding” after Apple began to use e-SIM as the default for its iPhones in North America. eSIMs are also driven by the rising number of 5G mobile phone subscriptions, forecast to reach nearly 5.6 billion by 2029, and Internet of Things (IoT) devices.
Together with the seed funding, RiPSIM added Malte Pollmann, former CEO of Utimaco, a global cybersecurity and compliance solutions and services provider, to its board. Pollman is also a member of Ten Eleven Ventures’ Strategic Advisory Board.
“The current method for creating and delivering SIM cards and eSIMs is outdated, relying on old technology and largely labor-intensive processes,” Pollman said. “By modernizing and integrating the complete eSIM lifecycle management, RiPSIM’s patented cloud-based platform disrupts this legacy process,” he added.
