Canadian cybersecurity company Cybeats Technologies has raised US$3 million in funding to expand its team in Toronto and overseas.
The Ontario-based company which provides security and lifecycle management for Internet of Things (IoT) devices was founded in 2016. Its technologies allow devices to detect threats instantly and gather data to neutralize threats and monitor for new ones.
The seed round announced this month was led by early-stage venture capital fund Ripple Ventures, with investment from real estate technology venture capital fund GreenSoil Building Innovation Fund, and participation from MaRS IAF, MLA48, ScaleX and inovia capital.
The company said the funding will be used to expand sales, research and development, and Cybeats’ enterprise capabilities with a focus on smart buildings, medical devices and critical infrastructure.
“With the proliferation of IoT devices where we work, live, travel and shop, and increase in the number of access points prone to malware attacks, it is critical that we adopt a new approach to cybersecurity for all network-connected devices,” said Dmitry Raidman, co-founder and CEO of Cybeats.
“The security certification of IoT devices is imperative in order to detect and neutralize these growing threats. Cybeats provides an efficient, simple solution to monitor and overcome security threats,” he added.
As part of the financing, Cybeats welcomes to its board Matt Cohen, Founder and Managing Partner, Ripple Ventures and Susan McArthur, Managing Partner, GreenSoil Building Innovation Fund.
“Ripple Ventures is extremely excited to be leading this investment in Cybeats as they help detect and prevent more cyber attacks from occurring,” said Matt Cohen, Founder and Managing Partner, Ripple Ventures. “We look forward to working closely with Cybeats as they expand their solutions globally.”
Co-founded by former Israeli IT infosec professionals, Dmitry Raidman, Peter Pinsker and Vlad Kharbash, Cybeats is the recipient of the 2018 IoT Global Awards in both the Security IoT and Big Data, Cloud and Analytics categories.