Tel Aviv, Israel-based cyber security and analytics software provider, Shield IoT has announced the closing of a $7.4 million Series A round of funding.
The Series A round was led by NextLeap Ventures and Bloc Ventures, with the participation of Atlas Ventures, Akamai Technologies, Springtide Ventures, DIVEdigital, and Janvest Capital Partners.
Founded in 2017, Shield-IoT enables service providers and IoT brands to monitor and secure their mass-scale B2B IoT and IIoT networks, reduce operational costs, and generate new revenue streams with value-added services.
“Shield-IoT’s innovative approach to anomaly detection enables Akamai to provide accurate analytics at mass-scale,” says Ramanath Mallikarjuna, Chief Strategist at Akamai Technologies.
Akamai is collaborating with Shield-IoT on innovative solutions to enhance cybersecurity and operational monitoring for customers of Akamai’s IoT solutions.
Currently, in use across multiple verticals including telcos, utilities, transportation, manufacturing, smart cities, and government, Shield-IoT offers a simple-to-deploy and easy-to-operate cloud-based software solution to protect any IoT device or application with no changes to end-customer networks.
Speaking on the development, Professor Dan Feldman, Chief Scientist at Shield-IoT said, “Coresets compress the data from n to log(n), or from 1 million to 20 data points, enabling context-free highly accurate anomaly detection in minutes instead of hours or days.”
“Shield-IoT removes the big data barriers and opens the door to a $50 billion IoT connectivity services market (2025). Our innovative technology is helping global IoT players to move forward and accelerate IoT growth,” Udi Solomon, CEO & Co-Founder of Shield-IoT added.