Orange Digital Ventures invests in FAMOCO, a leader in Android-based transaction devices
Orange Digital Ventures is participating in a round of fund-raising of 11 million euros in the FAMOCO company alongside d’Idinvest, Hi Inov, SNCF Digital Ventures, BNP Paribas Développement, BPI-Ambition Numérique and business angels.
The funding follows two other rounds in 2013 and 2015 during which the start-up raised 1 million euros and 4.1 million euros respectively. The new round allows FAMOCO to meet growing international demand for transaction solutions in the fields of payment, transport, smart city and the digital transformation in mobility of large groups. The technology development company saw its growth accelerate quickly in 2016, led by its transaction security solution on a mobile device combining a secure Android-based handset and a mobile device fleet management platform. FAMOCO’s ambition is to double in size, with more than 50 recruits planned this year, and is preparing to open new offices in Europe, the Middle East, Africa, the USA and Asia, in addition to India, where it currently operates. After only two and a half years of commercial development, FAMOCO has become a key player in the digital transformation of transactions, with more than 100,000 FAMOCO devices deployed in more than 30 countries. The start-up’s solution meets several of Orange’s strategic challenges, particularly for payment and enterprise services. In fact, Orange and the start-up are already working together in Africa on the Orange Money mobile money service, which already has 29 million users and represents a monthly transaction volume of more than 1 billion euros.
Orange has already participated in the development of FAMOCO via its Orange Fab accelerator. With this investment, Orange hopes to bring its expertise in emerging markets to FAMOCO and in the near future to lever off the Android device solution to help its enterprise customers around the world in their digitisation. Pierre Louette, Deputy Chief Executive Officer of Orange and Chairman of Orange Digital Ventures commented: “The acquisition of this participating interest is a second logical step that reinforces our existing industrial partnership with FAMOCO, which is already helping us to deploy Orange Money in Africa. It shows our commitment to bringing innovative solutions to the digital transformation of our enterprise customers and to supporting the international development of FAMOCO.” Lionel Baraban, co-founder and CEO of FAMOCO: “Words like ‘Innovation Department’ and ‘Open Innovation’ are fashionable in large groups. They are sometimes marketing catch-phrases. With Orange, we have a real partner for whom innovation is not just ‘pilots or POCs’, it is large-scale deployment which has already changed the lives of millions of people in Africa. We are at the beginning of a new chapter and we are proud to have the support of Orange and Orange Digital Ventures.”
Orange Digital Ventures invests in cybersecurity innovator SecBI
Orange Digital Ventures is pleased to announce its participation in SecBI, a leading developer of advanced cybersecurity threat detection solutions.
This investment comes as part of SecBI’s Series A funding round alongside several investors including Jerusalem Venture Partners (JVP) and Connecticut Innovations.SecBI’s advanced software solution automates threat detection and incident investigation, utilizing proprietary machine learning technology to analyze all network security log data. This allows it to detect advanced and hidden threats, unveil the full scope of an attack, and create a comprehensive incident storyline with autonomous investigation -- making mitigation fast and accurate. The SecBI solution is agent-less and appliance-less, making deployment swift and simple.
With the recent focus on detection systems, businesses are overwhelmed with alerts – each of which requires a skilled investigation in order to weed out the false positives and craft a response to the genuine threats. This process is taking an increasingly long time, much of it spent on searching and contextualizing large amounts of data. SecBI automates the data analysis and helps companies investigate and quickly determine the optimal response.
Pierre Louette, Orange’s Deputy CEO and also President of Orange Digital Ventures said: “As cyber threats are expanding even more rapidly both in volume and sophistication, cybersecurity is becoming a top concern and priority for businesses. Orange is already a leader in IT security services and its ambition is to be a trusted partner for businesses by offering them world-class services in security. We believe that SecBI’s capacity to use fragments of data to produce a full end-to-end story representing a complete incident is unique. SecBI’s threat detection system reduces breach response time and optimizes mitigation of the most advanced threats. This is the kind of solution our customers are waiting for.”
Gilad Peleg, CEO of SecBI said: “We are delighted to partner with Orange Digital Ventures for the purpose of helping businesses accelerate their threat detection and mitigation processes. Orange Business Services’ leading role in the cyber defense market will also assist with our development.”
Alex Vaystikh, CTO and SecBI cofounder and cyber-security veteran said: “We’re developing cutting edge technology that enables businesses to investigate and mitigate threats more quickly and accurately – and with a lot less headache. How? By finding threats that other solutions miss, and delivering a full narrative and incident report that includes all affected users, domains, assets and more.”