Shield-IoT raises $7.4M in Series A to streamline and secure mass scale IoT networks
Udi Solomon (Left) and Ohad Levin, (Right)
of Shield-IoT
Shield-IoT, a provider of mass-scale IoT and IIoT network cyber security and operational monitoring, announced the closing of a $7.4 million (€6.57 million) Series A round of funding. The Series A round was led by NextLeap Ventures and Bloc Ventures, with the participation of Atlas Ventures, Akamai Technologies, Springtide Ventures, DIVEdigital, and Janvest Capital Partners.
Founded in 2017, Shield-IoT addresses the escalating proliferation of IoT cyber threats to devices, data, critical services, and infrastructure. 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.
“Shield-IoT’s innovative approach to anomaly detection enables Akamai to provide accurate analytics at mass-scale,” says Ramanath Mallikarjuna, chief strategist at Akamai Technologies. “Akamai is collaborating with Shield-IoT on innovative solutions to enhance cybersecurity and operational monitoring for customers of Akamai’s IoT solutions.”
Currently, in use across multiple verticals including telcos, utilities, transportation, manufacturing, smart cities, and government, Shield-IoT offers 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.
Based on over 15 years of academic research and 50 academic papers, Shield-IoT coreset-AI patented technology revolutionises IoT mass-volume data analysis through a unique transformation of “big data” into small datasets. “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.
“Shield-IoT removes the big data barriers and opens the door to a $50 billion (€44.41 billion) 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”.
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