Algodone was created in Montpellier in March 2015 by three founders from the hardware industry. It aims to revolutionise this market by rolling out its patented design rights management technology for any kind of hardware.
More specifically, Algodone's solution secures electronic circuits which, to be usable, require an operating licence. It addresses a serious need among semiconductor companies to combat fraud and counterfeiting.
However, the solution also allows the hardware modules of these electronic circuits to be activated remotely, even after sale. As a result, it facilitates new business models like those that currently dominate the software industry, such as pay-per-use or subscription for new functions.
Since the technology is already in place, Algodone is now starting to focus on developing its business model and market access.
Through this new investment, the company has raised over €1 million to finance this initial phase of its development.
"Algodone has developed a streamlined technology that is well suited to the market in which it wants to operate. Its solution will profoundly change business models in the hardware industry, opening the way for new monetisation methods, heavily geared towards pay-per-use, for all companies in the sector: IP providers, hardware manufacturers and systems integrators," explains Sébastien Wendling, Associate at Crédit Mutuel Innovation (formerly CM-CIC Innovation).
"Algodone had the opportunity to convince Crédit Mutuel Innovation about the potential of its solutions, which give the hardware industry a high level of flexibility regarding client relationships. Our international clients can move towards pay-per-use and capacity-on-demand services, with enhanced security to protect their knowhow and intellectual property. We were impressed by Crédit Mutuel Innovation's professionalism: it understands every aspect of this very open industry, and it is willing to take a long view, for example by arranging input from experienced professionals in the hardware sector. The transaction is allowing us to be much more commercially active as we seek to roll out our technology internationally," added Jérôme Rampon, Chairman of Algodone SAS.
- Crédit Mutuel Innovation
- Algodone