“MAGIC CUBE” STARTUP RAISES $15 M

California-based mobile phone security start-up Magic Cube has secured $15 million in a round led by Mosaic Bartners, with the participation of Bold Capital, Epic Ventures, I.D. Tech, and a number of individual investors, according to Tech Crunch website.

Magic Cube benefits from the global shortage of e-chips, where the company's software-based phone technology allows companies to process payments safely, making security chips a thing of the past. "The lack of chips that shut down entire industries and raised hardware prices has revealed how outdated the current approach is and how valuable a solution Magic Cube is to address this problem. This round reflects that.” Sam Shoky (LinkedIn).

The company has raised $30 million in funding since its launch in 2014, and has already received two investments from Visa, as well as support from several companies such as Azure Capital Branners, Ipek Ventures, NTT Data, Silicon Valley Bank and Sony Innovation Fund. The technology Director Nancy Zayed and the founding partner Sam Shoky are an Egyptian couple who moved from working at an emerging Egyptian company to big tech companies including Apple and Netscape - before returning to the world of start-ups with Magic Cube, but this time it was in Silicon Valley, America.