Vodafone spin out wins GBP 1.25 M backing

The UK venture capital trust, Octopus Ventures Ltd is investing GBP1.25 million into The Key Revolution Ltd. a spin out set up to commercialise technology developed by the mobile phone network operator Vodafone.

Key Revolution’s provides nomadic computer users with secure and cost effective computing, through the use of the Mobiu USB port plug in. The device has an embedded SIM (Subscriber Identification Module) card, that enables users to access standard applications available on any Windows Operating System, browse the internet, secure access to documents held in their MobiVault remote storage, and collaborate with other Mobiu users in secure MobiRoom, from any location, and without leaving any trace on the PC’s hard drive or the operating network residing on it.

To activate the Mobiu key, users insert it into a computer’s USB port and enter a PIN number, which is authenticated against a central database, thus providing the user with the same chip and pin functionality associated with the use of a bank card at an ATM or store checkout.

Once the SIM card has been validated, users are able to create or edit their documents and then store these securely online through the MobiVault, Key Revolution’s secure and remotely hosted server. After the Mobiu key has been removed from the PC no user footprint remains and all data is saved on the device and backed up through the server.

Like mobile phones, lost or stolen Mobiu keys can be deactivated as soon as access is next attempted.

Key Revolution was spun out by Vodafone employees to licence and commercialise the technology, with Vodafone retaining a major share in the business. The company started beta testing in February 2008 and will launch the service this summer.

Alex Macpherson, Chief Executive, Octopus Ventures said, “The Mobiu key is the only product on the market that enables completely secure remote working through the use of a single device, without the costly infrastructure requirements that have traditionally been associated with this process.”

“The uniqueness of Mobiu, combined with the quality of the management team in place and a growing trend towards more flexible working, means that The Key Revolution has the potential to become a major global technology player.”