ShieldIOT Raises $3.6M Seed Round Led by innogy Innovation Hub

ShieldIOT Raises $3.6M Seed Round Led by innogy Innovation Hub
25.09.2019 07:09 am

ShieldIOT Raises $3.6M Seed Round Led by innogy Innovation Hub

Security and Compliance

ShieldIOT, a leading Internet of Things (IoT) cybersecurity software company, today announced that it had raised $3.6M in a Series Seed funding round.

The round was led by innogy Innovation Hub, the accelerator and venture capital arm of innogy SE, a leading German energy company. The round was joined by additional new and existing investors including Janvest Capital Partners, Danmar Capital, Minvest and private investors.

Founded in 2017 by cybersecurity and big data analytics industry experts, Udi Solomon and Ohad Levin, the Israeli-based company leverages innovative Coreset-AI technology to help service providers protect large-scale complex IoT networks.

 “The IoT is going to shape the future of many industries, with the energy system chief amongst them,” said Dr. Christof Kortz, Director of Strategic Cyber Security Venturing at the innogy Innovation Hub. “The IoT enabled energy system will face new multi-layered and complex security challenges. In ShieldIOT, we have found a company with exciting technology that is designed to secure any IoT device in any topology at scale. We are impressed by the ShieldIOT team’s vision and the strong business traction they’ve generated with customers and partners across different IoT domains such as smart cities, connected buildings, connected transportation, and smart grid security.”

ShieldIOT’s end-to-end AI-based software security platform enables service providers and utilities to secure and manage the security of any IoT device, application, or network, across different verticals while generating new revenue streams.

“The Internet of Things is a new chaotic sphere, characterized by countless different devices and applications, across various IoT networks and protocols. Many of these devices were not designed with security in mind, are cost-sensitive and lack the minimum resources required for performing security functions,” said Udi Solomon, CEO, and Co-founder of ShieldIOT.

“Ultimately, all IoT devices connect to the network center either directly, for example over cellular networks, or indirectly via a dedicated gateway. ShieldIOT’s secures both channels while delivering up to 20 times reduction in false alarms, and without the need for any network changes or costly hard-to-find security expertise,” he added.

“With the exponential growth of IoT devices and use cases, they become a constant target for malicious actors and damaging cyber attacks. This makes comprehensive security controls more critical than ever,” said Avner Goren, VP SOC Architecture IoT at Intel. “ShieldIOT delivers innovative solutions to secure IoT gateways and edge devices, and solves critical issues for large scale deployments such as Smart Cities, Smart Manufacturing, and others.”

Related News

Speechmatics and Veritone Unveil Availability of Secure Transcription as a Cognitive Service Within Veritone’s aiWARE Government Operating System for AI

Speechmatics, a UK leader in any-context speech recognition technology has announced that... Read more »

The CFO SUMMIT XXXVIII Will Be taking place in San Diego, US

This marcus evans premium summit will look at how CFOs must take a proactive approach to pursuing growth while mitigating risk. The CFO ... Read more »

Kompli-Global helps companies expose bad actors within their customer base

Every major organisation in the United Kingdom has customers that are up to no good, potentially with criminal intentions. Fraudsters and money launderers are clever and, once... Read more »

NICE Actimize launches advanced SURVEIL-X Conduct risk capabilities to uncover employee misconduct and market abuse

With more employees working from home or remote sites, financial services organizations (FSOs) are facing new compliance and regulatory challenges.

Read more »

Kroll adds consumer credit monitoring to suite of UK data breach notification services

Kroll, a division of Duff & Phelps, a global leader in risk mitigation, investigations,... Read more »

RegTech and SupTech: Innovation, Evolution and FCA development

In the latest episode of the RegTech 20:20 podcast from... Read more »

Magazine
ALL
Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel