The number of Internet of Things (IoT) devices is expected to grow from 7 billion to 10 billion by 2020 and 22 billion by 2025. And each connected device introduced to a network can become an entry point for attacks into the network. Cybeats, a Toronto-based cybersecurity protection company that protects IoT devices, has raised $3 million in funding to address these problems.
This round of funding was led by Ripple Ventures. GreenSoil Building Innovation Fund also participated in this round along with MaRS IAF, MLA48, ScaleX, and inovia capital. And the funding will be used for expanding sales, research and development, and enterprise capabilities with an emphasis on smart buildings, medical devices, and critical infrastructure.
In conjunction with this round of funding, Cybeats is adding Ripple Ventures founder and managing partner Matt Cohen and GreenSoil Building Innovation Fund managing partner Susan McArthur to its board of directors.
“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 Cybeats co-founder and CEO Dmitry Raidman in a statement. “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.”
Cybeats deploys internal defense, monitoring, and lifecycle management to protect IoT devices from cybersecurity threats. Using an “inside-out” approach, Cybeats is able to deploy a microagent in the firmware that complements the existing software and hardware of devices.
“Efficient, reliable cyber security solutions are essential in order to leverage the full potential of digital built environment,” added McArthur. “Cybeats’ technology is providing real time cybersecurity solutions to IoT device manufacturers and users.”
Cybeats was co-founded by former Israeli IT information security professionals including Raidman, Peter Pinsker and Vlad Kharbash. And the company was the recipient of the 2018 IoT Global Awards in both the Security IoT and Big Data, Cloud and Analytics categories.
“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,” explained Cohen.