TDK Provides Funding and Technology to Speed Up Development of Proxy Platform

Proxy has forged another high-profile alliance. The San Francisco start-up is best known for its mobile and wearable authentication solutions, and it has entered into a strategic partnership with TDK Corporation in an effort to accelerate the development of its identity platform.

To that end, TDK Corporation is based in Tokyo, and operates as a top manufacturer of components for electronic devices. Its portfolio includes sensors and ion-lithium batteries, both of which can help improve the performance of wearable and mobile devices. TDK will also be making a financial investment in Proxy, though the two companies did not disclose the size of that monetary contribution.

The sum will supplement the $42 million in Series B funding that Proxy received back in March of 2020. The company has now brought in more than $90 million in total funding, with backing from prominent organizations like Kleiner Perkins, Scale Venture Partners, and Y Combinator.

For its part, TDK indicated that it wants to support start-ups that are working to promote digital and energy transformation. Proxy covers both of those bases, insofar as the company is trying to eliminate the need for plastic cards and replace them with more sustainable mobile ID solutions. In that regard, the company’s app allows people to store an encrypted digital credential on a mobile phone, and it is already working with an original equipment manufacturer to bring that mobile access technology to the enterprise.

“The era of plastic cards is coming to a close” said Proxy Co-Founder and CEO Denis Mars. “Proxy is ushering in a new era that will better protect personal data through self-sovereign identity.”

“We know digital transformation can only continue if people get better control and ownership over their digital identity,” added TDK Corporate Marketing and Incubation GM Michael Pocsatko. “Proxy’s privacy-centric identity platform addresses the challenges and opportunities we have to build a seamless transition between our physical and digital experiences.

According to TDK, its materials, its biometric MEMS sensors, and its wireless offerings will be particularly beneficial to Proxy as the company looks to advance its identity platform. Proxy, meanwhile, strengthened its position in the wearables market with its acquisition of the smart ring maker Motiv in April of 2020. 

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September 10, 2021 – by Eric Weiss