Firedome, a New York- and Tel Aviv-based cybersecurity startup, has raised $10 million in a Series A funding round with investment from Two Sigma Ventures, Silvertech Ventures and World Trade Ventures.
VentureBeat is reporting that the Internet of Things (IoT) ecosphere is expected to be worth $35.2 billion by 2023, and that billions of devices will be connected to the internet as well. Many of those devices are going to be open to attack and exploitation.
In just one year of study, from the year 2016 to 2017, there was a 600 percent increase in targeted attacks against IoT products.
Those numbers prompted Firedome to focus on IoT devices and look for partnerships with major companies in an effort to improve IoT security.
“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,” CEO Moti Shkolnik said. “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.”
The company’s Endpoint Protection suite handles attacks like denial of service, malware, ransomware and fleet jacking, among other common cybersecurity dangers.
Firedome can see threats in real time and respond accordingly.
“With IoT devices proliferating rapidly, I believe there is now more than ever a need for robust endpoint device protection,” said Two Sigma Ventures Partner Matt Jacobus. “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.”