Cybeats, a cybersecurity company protecting Internet of Things (IoT) devices, announced this week it has raised $3 million to expand their team in Toronto, Canada and abroad.
The company, which started up in Israel, led by co-founders Dmitry Raidman, Peter Pinsker and Vlad Kharbash, provides software-based microagents for smart buildings, medical devices, and critical infrastructure.
"IoT provides countless solutions for all of us on a daily basis - including solutions that affect our safety and well-being,” said Cybeat CEO Dmitry Raidman. “We are thrilled to see investors understand the importance of protecting the security of these devices, and support Cybeats' goal of becoming a security standard for every IoT device."
Their technology supports internal defense, monitoring and lifecycle management for IoT devices to protect against known and new cybersecurity threats. Cybeats deploys a microagent in the firmware that complements the existing software and hardware of the device and ensures it will not be compromised.
“With the proliferation of IoT devices where we work, live, travel and shop, and increase in the number of access points prone to malware attacks, it is critical that we adopt a new approach to cybersecurity for all network-connected devices” Raidman also said. “The security certification of IoT devices is imperative in order to detect and neutralize these growing threats. Cybeats provides an efficient, simple solution to monitor and overcome security threats.”
The funding will be used to expand sales, research and development, and Cybeats’ enterprise capabilities with a focus on smart buildings, medical devices and critical infrastructure.
Globally, the number of active IoT devices will grow from 7 billion today to 10 billion by 2020, and 22 billion by 2025. Each connected device introduced to a network can become an entry point for attacks into the network. Any weaknesses or vulnerabilities of the devices are exploitable.
Cybeats’ technologies allow devices to detect threats instantly and gather data to neutralize threats and monitor for new ones, which is becoming increasingly important as 5G connectivity will expose exponentially more devices to the public Internet.
As part of the financing, Cybeats welcomes to its board Matt Cohen, Founder and Managing Partner, Ripple Ventures and Susan McArthur, Managing Partner, GreenSoil Building Innovation Fund.
The round was led by early-stage venture capital fund Ripple Ventures, with investment from real estate technology venture capital fund GreenSoil Building Innovation Fund, and participation from MaRS IAF, MLA48 and inovia capital.
“Efficient, reliable cyber security solutions are essential in order to leverage the full potential of digital built environment” said Susan McArthur, Managing Partner, GreenSoil Building Innovation Fund. “Cybeats’ technology is providing real time cybersecurity solutions to IoT device manufacturers and users.”
“Ripple Ventures is extremely excited to be leading this investment in Cybeats as they help detect and prevent more cyberattacks from occurring,” said Matt Cohen, Founder and Managing Partner, Ripple Ventures. “The Cybeats team is among the most experienced and knowledgeable cybersecurity experts we have encountered. We look forward to working closely with Cybeats as they expand their solutions globally.”
You can learn more about Cybeats here.
Arti Loftus is an experienced Information Technology specialist with a demonstrated history of working in the research, writing, and editing industry with many published articles under her belt.
Edited by Ken Briodagh