Italian tech startup Exein has agreed with Taiwan's MediaTek (2454.TW) to provide cybersecurity systems to be embedded on the chipmaker's Genio platform, Exein said on Wednesday.
The deal will provide security features to billions of chips using the system worldwide in industries including mobile, home, automotive and healthcare, Exein said in a statement.
WHY IT'S IMPORTANT
Italy has been trying foster a tech startup sector, and a deal with a major chipmaker could extend its reach.
BY THE NUMBERS
Exein said that following the deal with MediaTek, its technology would be embedded in more than 3 billion devices. The partnership between the two groups is valued at more than 5 million euros ($5.2 million), a figure that Exein expects will double by 2028.
KEY QUOTES
"This is a longterm relationship and positions Exein well to further expand into the automotive and robotics sectors globally," Exein said.
"MediaTek is a key strategic partner for us," it added.
CONTEXT
Exein raised $15 million in Series B funding last year.
Its clients include Daikin (6367.T), Seco (IOT.MI) and Kontron (KTN.VI).
($1 = 0.9580 euros)
