VentureBeat is reporting that Tel Aviv and New York-based cybersecurity firm Firedome has raised an additional $10 million in funding, bringing their total to $14.5 million.
The new round of investment will help the company continue development of its cybersecurity suite aimed at protecting Internet of Things (IoT) devices from hackers, malware, ransomware, denial of service attacks and other threats. A lightweight software agent is installed on IoT devices and continuously monitors them using heuristic, reputation and signature-based methods. In addition, the software uses a cloud-based AI to monitor network traffic and quickly respond to attacks.
CEO and cofounder Moti Shkolnik—who also served as head of the Israeli Prime Minister’s Office cyber business unit—said: “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. 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.”
With some projections putting the number of IoT devices at 64 billion by 2025, companies like Firedome will play an increasingly important role in keeping those devices secure.