The IoT cybersecurity startup Cybeats recently announced that it has raised $3 million in a funding round led by Ripple Ventures, GreenSoil Building Innovation Fund and along with the participation of MaRS IAF, MLA48, ScaleX, and inovia capital. Cybeats provides cybersecurity protection solutions for smart buildings, medical devices, and critical infrastructure. The Toronto-based company stated the new investment will be used to expand its business reach abroad.
Co-founded by cybersecurity veterans Dmitry Raidman, Peter Pinsker, and Vlad Kharbash, Cybeats claims that it helps companies solve security problem with its inside-out approach to cybersecurity. Its micro-agent platform is embedded into IoT devices to provide continuous protection that allows devices to detect and prevent the possible cyber-threats. Matt Cohen, Founder and Managing Partner of Ripple Ventures and Susan McArthur, Managing Partner of GreenSoil Building Innovation Fund will be joining Cybeats’s board.
“With the proliferation of IoT devices where we work, live, travel, 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.”
“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. “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.”