Security company ShieldIOT raises US$3.6mn in seed funding round led by innogy Innovation Hub
Udi Solomon and Ohad Levin
ShieldIOT, an Internet of Things (IoT) cybersecurity software company, has raised US$3.6 million (€3.2 millon) in a series seed funding round.
The round was led by innogy Innovation Hub, the accelerator and venture capital arm of innogy SE, a 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 (artificial intelligence) 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, characterised 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,” says Udi Solomon, CEO, and co-founder of ShieldIOT.
“Ultimately, all IoT devices connect to the network centre 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 adds.
“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,” comments 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.”
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