Start-up raises $3m to protect IoT devices
January 8, 2019
Canadian start-up Cybeats, a cyber-security company protecting IoT devices, has raised $3m to expand its team in Toronto and abroad.
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, Scale X and Inovia Capital. 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.
Matt Cohen, founder and managing partner of Ripple Ventures, and Susan McArthur, managing partner of GreenSoil Building Innovation Fund, have joined the Cybeats board.
“Efficient, reliable cyber security is essential in order to leverage the full potential of digital built environments,” said McArthur. “Cybeats’ technology is providing real time cyber security to IoT device manufacturers and users.”
Cybeats deploys internal defence, monitoring and lifecycle management for IoT devices to protect against known and new cyber-security threats. Through an inside-out approach, it deploys a micro agent 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 cyber security for all network-connected devices,” said Dmitry Raidman, co-founder and CEO of Cybeats. “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.”
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 neutralise threats and monitor for new ones, a key ingredient in the move towards 5G connectivity that will reduce physical infrastructure costs but exposes many more devices to the public internet.
“Ripple Ventures is extremely excited to be leading this investment in Cybeats as they help detect and prevent more cyber attacks from occurring,” said Cohen. “The Cybeats team is among the most experienced and knowledgeable cyber-security experts we have encountered.”
Cybeats solves a critical security problem for companies that manufacture, integrate or deploy IoT devices in the smart building, medical and critical infrastructure environments. Until now, IoT devices have been vulnerable to cyber threats, making them easy targets for attackers. Cybeats protects IoT devices throughout their lifecycle.
The micro agent is embedded into devices to provide continuous protection that allows devices to detect threats instantly and gather data to help security professionals neutralise the threat.