Israeli IoT cybersolution company Firedome has announced the closing of a $10 million Series A financing round led by Two Sigma Ventures, with participation from World Trade Ventures, Silvertech Ventures, and the company's seed investors.
With offices in Tel Aviv and New York, the company has developed an endpoint cybersecurity solution designed to allow IoT device manufacturers to proactively prevent, detect, and respond in real-time to vulnerabilities in connected devices. Founded in 2018 by CEO Motti Shkolnik, COO Sharon Mirsky and VP R&D Orr Chen, this latest financing round comes only nine months after announcing the completion of its seed funding round.
The funding will allow Firedome to continue expanding its solutions and sales efforts to address additional IoT device verticals, such as industrial IoT and enterprise IoT connected devices.
Firedome provides a multi-layered holistic security platform, including a lightweight agent backed by machine learning and a dedicated 24/7 security operations center, that detects, prevents and responds to attacks on IoT devices, thereby eliminating security breaches, decreasing operational costs, and reducing emergency firmware upgrades. Shkolnik said, "We were pleased to find out that IoT device companies, across industries, are not willing to compromise the security of their products and are aware of the vulnerabilities that cannot be fully eliminated by static security by design processes. We were happy to witness the rapid progress of closing partnerships with tier 1 companies, about which we will be able to divulge soon. We strongly believe that real-time endpoint cybersecurity is the inevitable future of the IoT security landscape." Matt Jacobus, Venture Partner at Two Sigma Ventures said, "With IoT devices proliferating rapidly, I believe there is now more than ever a need for robust endpoint device protection. There are 8 billion connected devices that exist today, ranging from complex machines with sophisticated architectures to tiny devices with limited resources, that could benefit from the proactive protection of Firedome's lightweight agent coupled with their backend machine learning platform and security operations center. If you're a device manufacturer and you're not actively monitoring what's happening inside your device, you may soon be facing serious reputational and financial risk."
Published by Globes, Israel business news - en.globes.co.il - on October 24, 2019
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