Shield-IoT, a mass-scale IoT and IIoT network cyber security and operational monitoring platform, 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 addresses the escalating proliferation of IoT cyber threats to devices, data, critical services, and infrastructure.
“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.”
A statement informed, “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. Based on over 15 years of academic research and 50 academic papers, Shield-IoT coreset-AI patented technology revolutionizes IoT mass-volume data analysis through a unique transformation of “big data” into small datasets.”
“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,” said Professor Dan Feldman, Chief Scientist at Shield-IoT.
“Shield-IoT removes the big data barriers and opens the door to a $50 billion IoT connectivity services market (2025),” added Udi Solomon, CEO, and Co-Founder of Shield-IoT. “Our innovative technology is helping global IoT players to move forward and accelerate IoT growth.”
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