September 08, 2021

Proxy Announces Funding and Strategic Partnership with TDK Corporation

September 08, 2021 08:00 ET

San Francisco, September 8, 2021 (GLOBE NEWSWIRE) ––  Proxy, known for its privacy-first and human-led identity technologies, announced today its strategic partnership with the Tokyo based TDK Corporation (TSE: 6762), a comprehensive manufacturer of electronic components, sensors and lithium-ion batteries. Proxy’s ID-verified identity credentialing technology and ground-breaking continuous authentication solution has the potential to have a lasting legacy and irreversible change in the way humans prove who they are in the physical world using their smartphone or wearable. And, its consumer and commercial applications, which aim to rid the world of plastic cards, fit with TDK’ strategy of investing in startups that focus on digital transformation (DX) and energy transformation (EX) and contribute to sustainability.

Built on a foundation of material science mastery in 1935, TDK continues to push the boundaries of digital, energy, and societal transformation. Its growth strategy focuses on the user experience of advancing applications in automotive and industrial electronics, communications technology, and solutions for the Internet of Things (IoT). TDK is investing in unique startups, who offer disruptive solutions in DX and EX. TDK solutions, such as MEMS sensors, passive components and lithium-ion batteries are a perfect fit for digital authentication wearables. 

Proxy products allow enterprises to provide a mobile-first experience in their workspaces, which is why Proxy was named a primary partner when a large OEM announced it would be supporting access natively on its mobile devices to help companies transition from physical cards to phones. Proxy’s vision to use its technology to deliver a hands-free proof of identity experience will be the next evolution of mobile access, digital payments, and wearables.

“The era of plastic cards is coming to a close. Proxy is ushering in a new era that will positively impact society by better protecting personal data through self-sovereign identity and securely connecting our physical and digital identity,” said Denis Mars, CEO and co-founder of Proxy. “From the very start of our discussions with TDK, they expressed genuine excitement for the vision of our identity platform and articulated how they can help us accelerate it. We believe their partnership and passion will advance our mobile-first and wearable technologies.”

“Investing in a company like Proxy is considered strategic to TDK, because we know digital transformation can only continue if people get better control and ownership over their digital identity. Proxy’s privacy-centric identity platform addresses the challenges and opportunities we have to build a seamless transition between our physical and digital experiences,” said Michael Pocsatko, General Manager, Corporate Marketing & Incubation HQ of TDK. “Their approach and vision aligns with our expertise – we have identified various avenues in biometric and environmental MEMS sensors, batteries, materials, and wireless technologies, where TDK can bring value to Proxy’s development.”

Proxy has raised over $90 million from leading investors including Kleiner Perkins, Scale, Y Combinator, B37, Coatue, Blackbird, Silicon Valley Bank and TDK. Proxy is actively working with a large OEM to support enterprise mobile access technology in the application, allowing employees and visitors to store their encrypted digital badges in the application and use their smartphone as a key to enter their building or office.

About Proxy

Access More, Share Less. Proxy designs and builds privacy-first, human-led, identity technologies. Proxy products include Proxy ID, Proxy Access, and Proxy Health in addition to a suite of next generation access readers and sensor hardware that enable mobile-based credentialed access to be secure, private, and contactless. Proxy has been named as one of Fast Company’s Most Innovative Companies of 2020, The Next Billion Dollar Start-Up in Forbes, and on CNBC’s Upstart 100 list in 2019. With Proxy ID your world is now open.

About TDK Corporation

TDK Corporation is a world leader in electronic solutions for the smart society based in Tokyo, Japan. Built on a foundation of material sciences mastery, TDK welcomes societal transformation by resolutely remaining at the forefront of technological evolution and deliberately “Attracting Tomorrow.” It was established in 1935 to commercialize ferrite, a key material in electronic and magnetic products. TDK's comprehensive, innovation-driven portfolio features passive components such as ceramic, aluminum electrolytic and film capacitors, as well as magnetics, high-frequency, and piezo and protection devices. The product spectrum also includes sensors and sensor systems such as temperature and pressure, magnetic, and MEMS sensors. In addition, TDK provides power supplies and energy devices, magnetic heads and more. These products are marketed under the product brands TDK, EPCOS, InvenSense, Micronas, Tronics and TDK-Lambda. TDK focuses on demanding markets in automotive, industrial and consumer electronics, and information and communication technology. The company has a network of design and manufacturing locations and sales offices in Asia, Europe, and in North and South America. In fiscal 2020, TDK posted total sales of USD 13.3 billion and employed about 129,000 people worldwide. Learn more at https://www.tdk.com

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Media Contact:
Proxy, Inc.
press@proxy.com