German energy company innogy’s innovation arm has led a $3.6 million investment round in a privately-owned Israeli Internet of Things (IoT) cybersecurity firm.
Established in 2017, ShieldIOT has developed a purpose-built platform that aims to protect gateways and networks from security threats and operational risks.
The company says its software security platform enables service providers and utilities to secure and mange the security of “any IoT device, application or network across different verticals while generating new revenue streams”.
Other investors in the funding round led by innogy Innovation Hub include Janvest Capital Partners, Danmar Capital and Minvest.
Dr Christof Kortz, Director of Strategic Cybersecurity Venturing at the innogy Innovation Hub said: “The IoT is going to shape the future of many industries, with the energy system chief amongst them. 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.”
Udi Solomon, CEO, and Co-founder of ShieldIOT added: “The Internet of Things is a new chaotic sphere, characterised 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.
“Ultimately, all IoT devices connect to the network centre 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.”