Total Network Services (TNS) Secures $9M in Series A Funding
Company rebrands as True I/O to launch first blockchain-enabled service for supply chain security, device management, software licensing, and equipment tracking
CARLSBAD, Calif., March 29, 2023 /PRNewswire/ -- Total Network Services (TNS) today announced a $9M Series A investment led by Deal Box Ventures, to accelerate deployment of its Universal Communication Identifier (UCID™), the world's first blockchain-enabled service for supply chain security, device management, software licensing, and equipment tracking.
Concurrently, the company also rebranded as True I/O, reflecting the organization's commitment to fostering trust and transparency within the global digital environment. Developed to simplify and standardize this security, True I/O utilizes the same blockchain technologies that power cryptocurrency to reimagine trust in our connected world. This preserves the value and capabilities of digital connection while mitigating the risk of cybercrime and protecting various assets. Through the integration of UCID™, we can protect transaction verification, private network and device security, as well as simple and secure payments.
"Key security requirements such as authorization, authentication, trust, confidentiality, data security, and non-repudiation must be carefully addressed in the future IoT networks as they are currently being exploited to the tune of billions of dollars," said CEO of True I/O, Thomas Carter. "The paradigm shift of wireless technologies and M2M communications has led to the massive number of devices connected to communication networks in the IoT and increased security threats, which pose issues include malicious code attacks, inability to receive security patches, hacking into smart meters, eavesdropping, sniffing attacks, and Denial of Service (DoS) attacks."
UCID™ works by taking the identification number of any network-connected device and pairing a tokenized/blockchain version of that ID, storing the pertinent software, hardware, and location data needed by a given cybersecurity team. This allows UCID™ to monitor and record relevant and sensitive information using cryptographically protected distributed ledger technology. True I/O utilizes Rypplzz' patented geo-spatial platform, Interlife®, which uniquely allows geo-fencing and other spacial capabilities within the UCID tech stack.
Security is a fundamental challenge confronting the vision of the IoT because of the heterogeneity of devices, physical accessibility to actuators, sensors and objects, and most prominently, the openness of systems that are connected to the Internet through a wireless communication medium. By protecting people and businesses from vulnerabilities through the integration of UCID™, users can apply their newfound trust to streamline business operations and drive enterprise value.
UCID™ provides real-time verification of connected devices and authorized usage. Relevant vulnerabilities at a user-specified severity level are automatically detected and recorded in both the National Vulnerability Database and Common Vulnerabilities and Exposures feed, listed in a specified UCID™ field, and can be immediately flagged for action as specified by the organization's change management process.
Core to True I/O's success with UCID™ has been going the standardization route. True I/O approached the Telecommunication Industry Association (TIA) with the concept to tokenize their globally adopted identification system, Mobile Equipment Identifiers (MEIDs). TIA responded positively and True I/O subsequently joined the comity to help design their latest supply chain security standards. As a result, UCID™ now meets five out of the eleven standards laid out by TIA's SCS-9001.
"We were able to secure the largest implementation of blockchain technology into the US government via Forward Edge AI in large part because of our standards approach and working with groups like TIA and GSMA," said Carter while describing True I/Os approach. "We're not trying to reinvent the wheel entirely, just make some key upgrades."
For more information about True I/O, visit https://www.totalnetworkservices.io/.
About Deal Box
Backed by a team of industry experts in capital markets and blockchain fintech with a 30 year track record of new product innovation, Deal Box is on a mission to redefine private markets through an unhindered commitment to innovation, transparency, regulatory compliance, and strong corporate governance. DealBox is the creator of Investment Packaging or "IP", a fundraising process designed to consolidate disparate resources in the capitalization value chain. The Deal Box process has helped hundreds of entrepreneurs defend their value while aligning with investor due diligence requirements related to financials and valuation.
About True I/O (formerly Total Network Services)
True I/O is an ecosystem of apps and technologies enabling the new blockchain economy. The company's innovations span several industries, from FinTech to ICT security - for the everyday investor, to the telecom enterprise – aimed at improving legacy solutions by infusing new levels of verification and value into the next internet evolution.
Sena McGrand/ Michael Gallo
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SOURCE True I/O