Israeli cybersecurity company Nanolock Security Inc. has raised $4.5 million from the Awz Homeland Security Fund, a Canadian venture capital fund that invests exclusively in Israeli cybersecurity, intelligence and physical security technology.
Nanolock Security specializes in protecting connected and Internet of Things (IoT) devices against cybersecurity and malware attacks.
“Israel is recognized as one of the world’s foremost leaders in cyber security and is commonly referred to as the ‘start-up nation’ for high-tech innovation,” said Mr. Yaron Ashkenazi, Founder and CEO of the Awz HLS Fund. “There is a growing global need for Israel’s powerhouse security capabilities and expertise. The strategy for our Fund is to invest in companies that are at the forefront of generating real solutions to the most challenging existing security threats.”
Over the past few months, Awz HLS Fund has already invested $3.5 million investment in two Israeli cybersecurity companies - Siga Data Security Ltd., and $5.25 million in Octopus Systems Ltd.
NanoLock Security was founded in 2016 by CEO Eran Fine and chairman Shlomo Oren.
Oren said, "We are proud of Awz's confidence in the technological capabilities and business achievements of NanoLock in recent months. The transition from IT to OT and the arrival of billions of endpoint devices with limited computing resources on the one hand and severe security flaws on the other, creates a great demand from leading players in this field. NanoLock brings to the market an end-to-end solution that provides not only powerful protection of endpoint devices but also the required management capabilities. The company is currently investing efforts in working with leading companies from around the world."
NanoLock has developed a hardware and software based platform that can protect tens of billions of connected and IoT devices that are in constant threat from cyber and functional attacks. The technology developed by NanoLock enables maximum protection even for devices with limited resources, power and latency concerns, and continues to protect even in situations of local and infrastructure attacks. The company offers protection for IoT devices exposed to severe attacks that can take over the systems and cause significant economic damage.
The patent-protected, end-to-end solution prevents the ability to write malware to the operating system, while enabling highly secure software updates that serve privileged entities.
The company is in the midst of several pilot projects with leading companies in Japan, the U.S. and Europe. Last month it was announced that Nanolock won “GO IGNITE”, a global competition offered by an alliance between Orange, Telefonica, SingTel and Deutsche Telekom.
Advocate Etti Koren, of Koren - Grodberg & Co. Law Offices, represented the Awz HLS Fund in Israel. Barbara Miller, Partner, Fasken Martineau DuMoulin LLP, represented the Awz HLS Fund in Canada.
Published by Globes [online], Israel business news - www.globes-online.com - on October 24, 2017
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