Tel Aviv-based cybersecurity firm Shield IoT raises £5.5M funding in Series A: Here’s why
Shield-IoT, an IoT cyber security, and analytics software solution provider announced that it has raised $7.4M (approx £5.5M) funding in the Series A round.
The funding round was led by NextLeap Ventures and Bloc Ventures, with the participation from Atlas Ventures, Akamai Technologies, Springtide
Ventures, DIVEdigital, and Janvest Capital Partners. The company will use the funding to streamline and secure mass-scale IoT networks.
Shield-IoT streamlines the implementation of mass-scale IoT and 5G networks with the world’s first Coreset-AI security platform. “Shield-IoT’s innovative approach to anomaly detection provides accurate analytics at mass-scale,” says Ramanath Mallikarjuna, Chief Strategist at Akamai Technologies.
Delivers cybersecurity solutions
Founded in 2017 by Ohad Levin, and Udi Solomon, Shield-IoT delivers cybersecurity solutions that protect edge devices from security threats and operational risks.
“Coresets compress the data from n to log(n), or from 1 million to 20 data points, enabling context-free highly accurate anomaly detection in minutes instead of hours or days,” says Professor Dan Feldman, Chief Scientist at Shield-IoT.
With Shield-IoT, service providers and IoT brands can monitor and secure their mass-scale B2B IoT and IIoT networks, reduce operational costs, and generate new revenue streams with value-added services.
Cloud-based software solution
The company does it by offering a simple-to-deploy and easy-to-operate cloud-based software solution to protect any IoT device or application with no changes to end-customer networks.
Currently, the company’s solution is in use across multiple verticals, including telcos, utilities, transportation, manufacturing, smart cities, and government.
“Shield-IoT removes the big data barriers and opens the door to a $50B IoT connectivity services market (2025)”, says Udi Solomon, CEO, and Co-Founder of Shield-IoT. “Our innovative technology is helping global IoT players to move forward and accelerate IoT growth”.