ShieldIOT Raises $3.6M Seed Round Led by innogy Innovation Hub
ShieldIOT, an IoT security company, offers service providers network-wide cyber protection, increasing revenue streams and securing millions of connected devices
HERZLIYA, ISRAEL, 23 September, 2019 — ShieldIOT, a leading Internet of Things (IoT) cybersecurity software company, today announced that it has raised $3.6M in a Series Seed funding round. The round was led by innogy Innovation Hub, the accelerator and venture capital arm of innogy SE, a leading 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 Herzliya-based company leverages innovative Coreset-AI 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, characterized 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,” said Udi Solomon, CEO, and Co-founder of ShieldIOT.
“Ultimately all IoT devices connect to the network center 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 added.
“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” said 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”
ShieldIOT is an IoT cybersecurity software company, based out of Herzliya Israel. ShieldIOT’s end-to-end software security platform enables service providers and utilities to protect any IoT device, application or network and generate new revenue streams, in a single scalable platform without the need for any network changes, development resources, or unique security expertise. Based on over 12 years of Coreset-AI academic research, the platform combines patented AI network anomaly detection and device-based security mechanisms with centralized security management, to secure and manage the security of large complex IoT networks.
About innogy Innovation Hub
innogy Innovation Hub believes that new technologies, business models and consumption patterns will redefine the energy market of the future. We believe this future will be driven by four core global trends; decarbonisation, decentralisation, digitisation and democratisation. innogy Innovation Hub’s mission is to drive this vision for the future of energy by being a sector disruptor: by identifying the game-changing technologies, ideas, individuals and businesses that will help build that future, wherever they are, providing funding, mentoring and a platform for co-creation, collaboration, and convergence.
The innogy Innovation Hub has created a €162m portfolio (as of December 2018) through investing in disruptive individuals, start-ups and early stage businesses, and has provided opportunities for nearly 90 start-up and scale-up companies to collaborate. It is headquartered in Berlin, with teams across Europe including in London, Warsaw and Essen, as well as offices in California (Palo Alto) and Israel (Tel Aviv).
The innogy Innovation Hub is funded by innogy SE, a leading German energy company, with revenues of around 37 billion euros (2018), around 43,000 employees as well as activities in 16 European countries and in new markets such as Australia, Canada and the USA.