Israel-based startup Shield-IoT, an IoT cyber security and software solutions provider specializing in securing IoT devices, applications, and networks, raised USD 7.4 million on 22nd November.
Investors: NextLeap Ventures and Bloc Ventures led the investment round, alongside Akamai Technologies, Springtide Ventures, DIVEdigital, and Janvest Capital Partners. As of now, the startup has raised over USD 11 million.
Purpose of funding: The startup plans to use the funds to expand its reach across industries while providing top-notch technology at the same time. In addition to boosting sales and marketing, a portion of the investment will advance product development and make sure to enter the North American market.
Founded in 2017 by Ohad Levin and Udi Solomon, Shield-IoT is located in Kefar Sava, Israel. Shield-IoT is an IoT (Internet of Things) cyber security and software solutions provider specializing in securing IoT devices, applications, and networks. It deals with the explosion of cyber threats affecting IoT technologies that enable users to connect and exchange data with other systems and devices over the internet. In addition to monitoring and securing B2B IoT and IIoT networks, the startup enables businesses to reduce costs and generate increased revenues by adding value-added services. The technology is used across several sectors, including telecom, utilities, transportation, manufacturing, smart cities, and government.
Furthermore, the startup even patented their technology to make it stand out; through it, coreset-AI technology transforms massive amounts of IoT sensor data into small datasets that can be analyzed effectively. This cloud-based software solution provides an easy-to-implement, easy-to-use solution for protecting IoT devices and applications without compromising end-user networks. Technology on the customer base is also expected to be a point of interest for investors. The service is scheduled to launch in 2022 for mass distribution to the general public. Both Akamai Technologies and its existing investor Innovation Hub have clearly stated their intentions and goals for the startup.
What the founder has to say
“Shield-IoT removes the big data barriers and opens the door to a $50 billion IoT connectivity services market (2025). Our innovative technology is helping global IoT players to move forward and accelerate IoT growth”, said Udi Solomon, CEO and Co-Founder at Shield-IoT.
What the investor has to say
“Shield-IoT’s innovative approach to anomaly detection provides accurate analytics at mass-scale. Akamai is collaborating with Shield-IoT on innovative solutions to enhance cybersecurity and operational monitoring for customers of Akamai’s IoT solutions,” said Ramanath Mallikarjuna, Chief Strategist at Akamai Technologies.
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