Toronto-based IoT cybersecurity startup Cybeats has announced that it has raised $3 million to expand the team locally and abroad. The round was led by Ripple Ventures, with investment from GreenSoil Building Innovation Fund and participation from MaRS IAF, MLA48, ScaleX and inovia capital.
“With the proliferation of IoT devices where we work, live, travel and shop, and an 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 deploys internal defense, monitoring, and lifecycle management for IoT devices to protect against cybersecurity threats. The company’s platform deploys a microagent in the firmware that complements the existing software and hardware of the device, in order to ensure it will not be compromised.
“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 of Ripple Ventures. “The Cybeats team is among the most experienced and knowledgeable cybersecurity experts we have encountered. We look forward to working closely with Cybeats as they expand their solutions globally.”
The funding will be used to expand sales, research and development, as well as Cybeats’ enterprise capabilities with a focus on smart buildings, medical devices, and critical infrastructure.