The Key Revolution (TKR), which provides a 'chip and pin' device for mobile workers, has gained £1.25m of funding.
The company has gained investment from Octopus Ventures in exchange for a ‘substantial holding’ and is the first business to benefit from its Octopus Titan Venture Capital Trust which was launched in October last year.
TKR has produced a password protected USB key – the Mobiu – which when plugged into a PC enables users to access their documents and personal files, just as if they were using their own personal computer.
The company says that the device leaves no trace on the PC’s hard drive or on the operating network residing in it, ensuring the security of the user. Also, the device can be deactivated easily should it become lost, rather like mobile phones.
TKR commenced beta testing the Mobiu in February this year and the launch of its full commercial offering is anticipated in the summer.
Adrian Burholt, chief executive of TKR, said: “We are delighted that in Octopus Ventures we have not only secured a blue chip investor but access to a wealth of industry expertise through the Octopus Investor Group, many of whom have been successful technology entrepreneurs in their own right.
“The combination of funding and the guidance that Octopus Ventures can provide as we enter our next phase of development will help to ensure that Mobiu is a commercial success.”
© Crimson Business Ltd. 2008
