IoT-device focused cybersecurity group Cybeats raises $3m

Cybersecurity company Cybeats said last week that it raised $3 million to support its services which focus on protecting Internet of Things device, including medical devices.

Funding from the round will support expanding sales, research & development and expanding its enterprise capabilities with a focus on medical devices, smart buildings and critical infrastructure, the Toronto-based company said.

As part of the funding round, Ripple Ventures managing partner Matt Cohen and GreenSoil Building Innovation Fund managing partner Susan McArthur have joined the company’s board of directors, Cybeats said.

“Efficient, reliable cyber security solutions are essential in order to leverage the full potential of digital built environment. Cybeats’ technology is providing real time cybersecurity solutions to IoT device manufacturers and users,” McArthur said in a prepared release.

“Ripple Ventures is extremely excited to be leading this investment in Cybeats as they help detect and prevent more cyber attacks from occurring. 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,” Cohen said in prepared remarks

CyBeats said it uses internal defense, monitoring and lifecycle management to protect IoT devices against existing and new cybersecurity threats.

“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. 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,” co-founder & CEO Dmitry Raidman said in a press release.

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