IoT Anomaly Detection Startup Shield-IoT Raises $7.4M

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Shield-IoT, a security solutions provider for mass-scale IoT announced to have raised $7.4 million in Series A round of funding led by NextLeap Ventures and Bloc Ventures, with the participation of Atlas Ventures, Akamai Technologies, Springtide Ventures, DIVEdigital, and Janvest Capital Partners.

Founded in 2017, Shield-IoT addresses the escalating proliferation of IoT cyber threats to devices, data, critical services, and infrastructure. With Shield-IoT, service providers and IoT brands can monitor and secure their mass-scale B2B IoT and IIoT networks, reduce operational costs, and generate new revenue streams with value-added services.

“Shield-IoT’s innovative approach to anomaly detection enables Akamai to provide accurate analytics at mass-scale,” says Ramanath Mallikarjuna, chief Strategist at Akamai Technologies. “Akamai is collaborating with Shield-IoT on innovative solutions to enhance cybersecurity and operational monitoring for customers of Akamai’s IoT solutions.”

Currently, in use across multiple verticals including telcos, utilities, transportation, manufacturing, smart cities, and government, the company is said to offer a simple-to-deploy and easy-to-operate cloud-based software solution to protect any IoT device or application with no changes to end-customer networks.

Based on over 15 years of academic research and 50 academic papers, Shield-IoT coreset-AI patented technology revolutionises IoT mass-volume data analysis through a unique transformation of “big data” into small datasets. “Coresets compress the data from n to log(n), or from 1 million to 20 data points, enabling context-free highly accurate anomaly detection in minutes instead of hours or days,” says Professor Dan Feldman, Chief Scientist at Shield-IoT.