Cybeats announces US$3mn investment for cybersecurity and lifecycle management for IoT devices
Cybeats, a rapidly growing cybersecurity company protecting Internet of Things (IoT) devices, announced it has raised $3 million (€2.6 million) to expand the 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, ScaleX 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. 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.
Cybeats deploys internal defense, monitoring and lifecycle management for IoT devices to protect against known and completely new cybersecurity threats. Through an “inside-out” approach, 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,” 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.”
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 neutralise threats and monitor for new ones, a key ingredient as we move towards the 5G connectivity that will reduce physical infrastructure costs but exposes so many more devices to the public internet.
“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 cyber attacks 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.”