Canada-based computer security provider Cybeats is expanding its team in Toronto and abroad by raising $3 million in a recently conducted funding round led by early-stage venture capital fund Ripple Ventures. Real-estate technology venture capital fund GreenSoil Building Innovation Fund was the investor, while MaRS IAF, MLA48, ScaleX and Inovia Capital were the other participants in this fundraiser event.
Cybeats uses internal defence, monitoring and lifecycle management for IoT devices to protect against known and new cybersecurity threats. With the help of an “inside-out” approach, the company deploys a microagent in the firmware that accompanies the existing software and hardware of the device.
The company will use the raised amount to expand its sales, R&D activities, and its enterprise capabilities with a focus on smart buildings, medical devices and critical infrastructure. And as part of the financing, the company has welcomed Matt Cohen, Founder and Managing Partner, Ripple Ventures and Susan McArthur, Managing Partner, GreenSoil Building Innovation Fund, to its board.
Dmitry Raidman, co-founder and CEO of Cybeats, said: “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. The security certification of IoT devices is imperative in order to detect and neutralise these growing threats. Cybeats provides an efficient, simple solution to monitor and overcome security threats.”
This is by no means the only IoT-related funding going on of late. IIoT analytics and machine monitoring platform MachineMetrics and venture-backed oil and gas IoT and AI platform Validere have also raised $11.3 million and $7 million, respectively. MachineMetrics’ system automatically detects technical issues and predicts problems hours or minutes before in advance so that they can be rectified. Validere, on the other hand, uses IoT technologies to improve confidence in product quality and AI predictive insights to guide optimal blending, logistics, and trading decisions.
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