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Printronix Auto ID launches industrial RFID printer; D.O RFID releases plastic RFID cards; Otis Elevator Co. debuts IoT solution to lift elevator performance; ShieldIOT raises $3.6 million seed round led by Innogy Innovation Hub; Kerlink intros LoRaWAN IoT gateway for smart cities and buildings; BehrTech unveils smart sensor for environmental monitoring in IIoT applications; Unified Office offers IoT-based restaurant food-safety service platform.
ShieldIOT Raises $3.6 Million Seed Round Led by Innogy Innovation Hub
ShieldIOT, an Internet of Things (IoT) cybersecurity software company, has announced that it had raised $3.6 million in a Series Seed funding round. The round was led by Innogy Innovation Hub, the accelerator and venture capital arm of German energy company Innogy SE. The round was joined by additional investments from Janvest Capital Partners, Danmar Capital, Minvest and private investors. Founded in 2017 by cybersecurity and big-data analytics industry experts Udi Solomon and Ohad Levin, the Israeli-based company leverages Coreset-AI technology to help service providers protect large-scale complex IoT networks.
"The IoT is going to shape the future of many industries, with the energy system chief among them," said Christof Kortz, Innogy Innovation Hub's director of strategic cybersecurity venturing, in a prepared statement. "The IoT-enabled energy system will face new multi-layered and complex security challenges. In ShieldIOT, we have found a company with exciting technology that is designed to secure any IoT device in any topology at scale. We are impressed by the ShieldIOT team's vision and the strong business traction they've generated with customers and partners across different IoT domains, such as smart cities, connected buildings, connected transportation and smart grid security."
ShieldIOT's AI-based software security platform enables service providers and utilities to manage the security of any IoT device, application or network across different verticals, the company reports, while generating new revenue streams. "The Internet of Things is a new chaotic sphere, characterized by countless different devices and applications across various IoT networks and protocols," said Udi Solomon, ShieldIOT's CEO and co-founder, in the prepared statement.
"Many of these devices were not designed with security in mind, are cost-sensitive and lack the minimum resources required for performing security functions," Solomon explained. "Ultimately, all IoT devices connect to the network center either directly, for example over cellular networks, or indirectly via a dedicated gateway. ShieldIOT's secures both channels while delivering up to 20 times' reduction in false alarms, and without the need for any network changes or costly hard-to-find security expertise."
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