// startup autopsy
Wave Systems
Trusted by no one when Microsoft changed the rules
platform dependencySlow Death
Years-long decline before final shutdown · Fatal mistake: Wave Systems built its entire business around Microsoft requiring TPM chips in Windows, and when Microsoft made TPM optional in Windows 8, the company's core revenue evaporated overnight.
Key Events Timeline
FOUNDING
Wave Systems founded in the USA to develop hardware security technology.
PRODUCT LAUNCH
Wave launches its EMBASSY Security Center software for TPM-enabled enterprise PCs, becoming a key Microsoft ecosystem partner.
FUNDING
Wave Systems raises additional funding but revenue is already declining following Microsoft's TPM-optional decision in Windows 8.
LAYOFF
Wave Systems conducts significant layoffs as revenue continues to collapse without a viable path to recovery.
SHUTDOWN
Wave Systems ceases all operations after 28 years, unable to recover from the loss of its core Microsoft TPM market.