Federal Ministry for Economic Affairs honours Bochum entrepreneurs

The Federal Ministry for Economic Affairs and Energy has recognised Physec, a spin-off of the HGI at the Ruhr-Universität Bochum (RUB), as part of its “Digital Innovations Start-up Competition”. The brains behind Physec are RUB researchers Dr. Christian Zenger, from the Chair for Embedded Security at the HGI, and Dr. Heiko Koepke, who completed his doctoral research at the RUB Chair for Controlling. The team received their award at the Cebit business festival in Hannover on 21 March 2017. Physec designs security solutions for the Internet of Things.

In addition to seed capital for their business start-up, the winners also receive tailored coaching and mentoring services. This programme allows the Federal Ministry for Economic Affairs to provide support to young entrepreneurs in entering into new markets and, ultimately, creating jobs. The Physec team markets its “Iotree” solution, which retailers can use to easily digitise a wide variety of objects and securely connect them to the Internet of Things. The entrepreneurs have produced a software solution that securely encrypts communications among the connected objects.

Multiple awards

This award is not Physec’s first. In 2014, for example, the team took first place for its concept in the competition run by Gründercampus Ruhr and won that organisation’s “ruhr@venture” business plan contest in 2015. That same year Physec secured €650,000 in funding from the Federal Ministry for Economic Affairs and Energy through its “EXIST Business Start-up Grant” scheme. In 2016, they were awarded first place in the “Senkrechtstarter-Gründungswettbewerb” competition (“Up-and-Comer Start-up Competition”).

Additional information: www.physec.de