The IoT (Internet of Things) technology has not just enhanced our business processes, it also introduced cyberthreats to more internet-connected devices and smart homes. Today’s malware is becoming more sophisticated and stealthier, able to evade detection, even from modern sophisticated IT security systems.
New cybersecurity techniques and advanced detection systems are needed to address these new security challenges. This is exactly where a small Israeli startup called Shield-IoT comes in.
This week, the IoT cyber security and analytics software solution provider has announced to the public that it has raised $ 7.4 million in a Series A funding round. The startup’s funding comes as the number of IoT-powered devices continues to explode. This latest funding round was led by Akamai Technologies, the US-based content delivery network, along with NextLeap Ventures and Bloc Ventures. Other participating investors in the round include Springtide Ventures, Janvest Capital Partners, Atlas Ventures, and DIVEdigital.
Akamai is no longer new to Shield-IoT’s technology. The US tech giant has been using Shield-IoT’s technology to improve security operational monitoring for customers of its IoT solutions.
Founded in 2017, and based in Kfar Saba, Israel, Shield-IoT provides real-time analytics and cyber security solutions for large-scale IoT and 5G networks. The startup offers the world’s first Coreset-AI security platform, which leverages over 15 years of research in the field of coresets and helps companies streamlines the implementation of large-scale IoT and 5G deployments.
According to Ramanath Mallikarjuna, Chief Strategist at Akamai Technologies, the company’s innovative approach to anomaly detection provides accurate analytics at a mass scale. Using Shield-IoT’s AI-driven security technology, service providers and IoT companies can now effectively monitor and secure their mass-scale B2B IoT and IoT deployments, while at the same time reducing their operational costs.
The company currently employs 15 people, but it plans to double that workforce by next year.