Internet of Things (IoT) and Industrial IoT security provider Shield-IoT this week announced that it has closed a $7.4 million Series A funding round, which brings the total raised by the company to $11 million.
The new funding round was led by Bloc Ventures and NextLeap Ventures. Akamai Technologies, Atlas Ventures, DIVEdigital, Janvest Capital Partners, and Springtide Ventures also contributed.
Founded in 2017, the Tel Aviv, Israel-based Shield-IoT aims to help service providers and IoT brands secure B2B IoT and IIoT networks, to keep devices, data, and critical infrastructure and services secure from IoT cyber-threats.
The company says its cloud-based solution is already used across verticals such as government, manufacturing, telecoms, transportation, and utilities, in addition to helping secure smart cities.
Shield-IoT says its coreset-AI technology brings a new approach to IoT mass-volume data analysis by transforming big data into small data sets, to deliver accurate anomaly detection in minutes.
“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,” Shield-IoT CEO and Co-Founder Udi Solomon said.