He announced, of course, that he had raised a $ 7.4 million Series A investment from investors, including Akamai Technologies. The content delivery network company said it is using startup technology with its customers.
The investment will be used to expand the company’s sales and marketing team, advance product development and enter the North American market.
As Solomon told VentureBeat in an email, the budget “enables us to support the deployment of millions of large-scale devices, which are expected in 2022.”
This budget comes at a time when the number of IoT devices deployed continues to grow. Cisco predicts that the number of IoT devices worldwide will reach 14.7 billion by 2023, up from 6.1 billion in 2018, as the Internet connection becomes increasingly common for commercial and consumer products.
According to a recent survey by cyber company Tripwire, at the same time, 88% of security experts report a lack of security for connected and industrial IoT devices.
Shield-IoT challenges the security and monitoring of large-scale IoT networks such as smart grids, transportation, smart cities, and 5G private grids with the goal of advancing math and artificial intelligence. The company says its product can be used to secure any device, application or network.Solom
This is the first product to use the mathematical structure known as the core to provide anomaly detection for IoT networks. Shield-IoT “coreset-AI” technology, which draws on 15 years of core research, can activate IoT networks with “unlimited” scalability, he said.
Solomon told VentureBeat that trying to use the anomaly detection algorithms in the big data set could take hours or days to achieve results, “which is not an option for an IoT cyber attack that could destroy key physical services.”
The coreset-AI approach “enables precise mass-scale analysis,” adding that the product provides false alarms up to 20 times less than existing solutions.
According to Solomon, Shield-IoT senior scientist Dan Feldman is one of the few nuclear experts in the world, and the company has six patents for this mathematical technique.
Ohad Levine, founder and CEO of Shield-IoT Technology, and Solomon previously worked together on ThetaRay data analytics vendor. Previously, Solomon was a Senior Product Manager at Check Point Software Technologies, while Levin previously served as Senior Software Engineer at Akamai.
The A Series Round, which brings Shield-IoT to a total of $ 11 million raised to date, was led by NextLeap Ventures and Bloc Ventures. Along with Akamai, other investors in the new round include Atlas Ventures, Springtide Ventures, Divedigital and Janvest Capital Partners.
Shield-IoT currently has a team of 15 people and is expected to double its staff by at least 2022.( As Solomon said )
Akamai chief strategist Raman Malikarjuna said in a press release that Akamai is using the startup’s technology to provide improved security and operational oversight for customers of its IoT solutions.
Shield-IoT also reports that it has large corporations in the telecommunications, manufacturing and IoT services as a customer, although it does not disclose its name. Projects that use the technology include a smart grid in Western Europe and several smart city lighting projects, Solomon said.
Finally, “as billions of devices are deployed, they must be secured to ensure that data and user privacy are protected, and that vital services and infrastructure – which affect every aspect of our modern lives – are protected and “They work constantly.” Suleiman said.
source : venturebeat _ shieldiot
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