IoT Cybersecurity Funding: Canadian Firm Cybeats Raises $3 Million
Cybeats, a Canadian company that specializes in cybersecurity for Internet of Things (IoT) devices, has secured $3 million from venture capital funds Ripple Ventures and GreenSoil Building Innovation Fund and various investors.
The company also has added Ripple Ventures founder Matt Cohen and GreenSoil Managing Partner Susan McArthur to its board of directors.
Cybeats will use the funding to expand its sales, research and development and enterprise capabilities and prioritize IoT cybersecurity for smart buildings, medical devices and critical infrastructure, the company said. In addition, Cybeats could use the funding to extend its reach in an IoT security market that is expected to grow.
The global IoT security market is projected to expand at a compound annual growth rate (CAGR) of 34.4 percent between 2017 and 2022, industry analyst MarketsandMarkets said. Also, this sector could be worth approximately $6.6 billion by 2022.
What Is Cybeats?
Cybeats offers a cybersecurity solution that provides security, monitoring and firmware lifecycle management of smart buildings, enterprise, medical and critical infrastructure and IoT devices, the company noted. By doing so, Cybeats helps protect organizations against known and unknown cyber threats.
Furthermore, the Cyberbeats solution offers a variety of security capabilities, including:
- Anomaly Detection and Intrusion Prevention: Analyzes IoT device behavior and traffic, identifies anomalies, generates alerts and records relevant details.
- Microagent: Monitors IoT device behavior and health; Cybeats Microagents are kilobytes in size, and all Microagents’ processing is performed by the company’s cloud service to optimize device stability and performance.
- Modeling: Automatically builds and maintains models of healthy IoT device behaviors.
The Cybeats solution helps organizations detect malicious activity on IoT devices and obtain cyber threat intelligence, the company stated. That way, the solution ensures that organizations can protect their IoT devices against evolving cyber threats.