Shield-IoT raises $7.4 million Series A to secure IoT networks

Israeli startup Shield-IoT, which develops solutions for mass-scale IoT and IIoT network cybersecurity and operational monitoring, announced on Monday the closing of a $7.4 million Series A round of funding. The Series A round was led by NextLeap Ventures and Bloc Ventures, with participation of Atlas Ventures, Akamai Technologies, Springtide Ventures, DIVEdigital and Janvest Capital Partners.

Founded in 2017, Shield-IoT addresses the escalating proliferation of IoT cyber threats to devices, data, critical services and infrastructure. Shield-IoT aims to give service providers and IoT brands a tool to monitor and secure their mass-scale B2B IoT and IIoT networks, reduce operational costs, and generate new revenue streams with value-added services.

“Shield-IoT’s innovative approach to anomaly detection enables Akamai to provide accurate analytics at mass-scale,” said Ramanath Mallikarjuna, Chief Strategist at Akamai Technologies. “Akamai is collaborating with Shield-IoT on innovative solutions to enhance cybersecurity and operational monitoring for customers of Akamai’s IoT solutions."

Currently in use across multiple verticals including telcos, utilities, transportation, manufacturing, smart cities, and government, Shield-IoT’s platform is based on over 15 years of academic research and 50 academic papers.

“Shield-IoT removes the big data barriers and opens the door to a $50 billion IoT connectivity services market (2025)”, said Udi Solomon, CEO and Co-Founder of Shield-IoT. “Our innovative technology is helping global IoT players to move forward and accelerate IoT growth.”