Mocana Raises $11 Million in New Funding to Revolutionize IoT Security and Enable IoT Devices to Defend Themselves Against Cyber Attacks
May 16, 2017
oday, Mocana, an industrial IoT security vendor, announced an $11M funding round to combat the growing security threat affecting the Industrial IoT. With the industrial IoT market expected to grow...
Investors Deepen Commitment to Technology Used to Protect Millions of IoT Devices and Industrial Control Systems
SAN FRANCISCO – May 16, 2017– Mocana Corporation, a leading provider of mission-critical IoT security solutions for industrial control systems and the Internet of Things, today announced that the company has received $11 million in additional investment from Sway Ventures, Shasta Ventures, Trident Capital Fund and GE Ventures. With the added capital, which brings the total amount raised to $93.6 million, the company will continue to advance its IoT Security Platform to protect the billions of connected devices that comprise the industrial IoT market, which Grand View Research predicts will be valued at $933.62 billion by 2025. The funds will be used to accelerate innovation and drive growth. The company serves hundreds of industrial manufacturing and IoT companies, and its software protects more than 100 million IoT and industrial control devices.
“Mocana has a mission and responsibility to protect the billions of devices that make up the Internet of Things,” said William Diotte, CEO, Mocana. “Hackers are taking advantage of weak security in IoT devices and industrial control systems, and the pace and impact of cyber attacks is only increasing. Mocana’s IoT Security Platform allows IoT devices of every size to defend themselves from cyber attacks by using military-grade cryptographic software installed on a chip, or flash memory embedded within a device. We couldn’t be more excited about the support we’ve received from investors and the dedication from our team to bring the next generation of security technology to market, at scale.”
The Mocana platform provides a full-stack solution for securing IoT systems from the endpoint, to the gateway, to the cloud and back again. Mocana is solving one of the biggest challenges of defending against cyber attacks: enabling devices to defend themselves once a hacker gets behind a firewall or gains access to a computer on the inside of a private network. The platform ensures that both the device and its data can be trusted, by securing the boot process and firmware, and securing the transmission of data between the device, gateway and cloud. Hundreds of companies, including GE, General Dynamics, Panasonic, Schneider Electric, Siemens and Yokogawa have integrated Mocana into industrial cloud systems to provide security, reliability and defense against sophisticated cyber attacks.
The new funding round marks an additional milestone for the company as it continues to gain an advantage in the market. Over the last several months, Mocana has demonstrated strong momentum with significant company and product milestones, including:
- General availability of the Mocana IoT Security Platform, a comprehensive full-stack security solution to protect industrial IoT devices, industrial clouds and device-to-cloud communications.
- Availability of the Mocana IoT Security DevKit that gives developers, without deep cybersecurity or cryptography expertise, a way to simplify the notoriously difficult integration of hardware-based security features into IoT devices.
- Participation in the EdgeX Foundry as a founding member, alongside Dell, AMD, Canonical and 40 other companies that are committed to building an open framework for IoT edge computing and an ecosystem of interoperable components.
- Partnership with Dell to integrate the Mocana IoT Security Platform with the Dell Edge Gateway 5000 for industrial IoT.
- Partnership with DDC-I to deliver an integrated platform that enables avionics developers to equip their safety critical systems with advanced security capabilities.
Investor Support of Mocana:
“Mocana’s approach to protecting IoT devices by enabling them to defend themselves is a meaningful paradigm shift for the security industry, that has, until now, relied heavily on perimeter-based security,” said Brian Nugent, founding general partner, Sway Ventures. “We love the company’s strategy, and the Mocana team is already delivering on that strategy.”
“Mocana is leading the industry by managing security at the chip level,” said Rob Coneybeer, managing director, Shasta Ventures. “With today’s multi-vendor, multi-platform enterprise environments, there’s no other way to shrink the number of security vulnerabilities. Mocana’s industrial-strength security software stack continues to deliver peace of mind to its customers and we are thrilled to be partnering with the team.”
“Mocana is on a mission to fundamentally change how the industry thinks about security by shifting focus from perimeter-based approaches to actually embedding trust inside devices to ensure secure device-to-cloud communications,” Alberto Yépez, chairman of the board, Mocana and managing director, Trident Capital Fund. “To achieve this, Mocana has been building out its executive team to steer the company into a stage of high-growth to support its strong customer base that includes the world’s most sophisticated device manufacturers and service providers.”
“Mocana has been helping industrial manufacturing and automation companies to secure industrial control systems, SCADA networks, avionics subsystems and IoT devices since 2002,” said Michael Dolbec, managing director, GE Ventures. “Mocana’s new IoT Security Platform is solving operational technology and IoT security challenges by tackling one of the toughest industry problems—making industrial controllers and IoT endpoints more secure and trustworthy.”
To find out more about how Mocana hardens IoT devices and ensures trust in mission-critical infrastructure, visit www.mocana.com.
About Mocana Corporation
Founded in 2002, Mocana provides mission-critical IoT security solutions for embedded systems, industrial controls and the Internet of Things (IoT). Our proven cybersecurity software goes beyond traditional security approaches by making IoT and ICS devices trustworthy and enabling secure device-to-cloud communications. Mocana’s full-stack platform operates across complex, multi-vendor environments where performance and security are critical to ensuring safety and reliability. Hundreds of industrial and IoT companies depend on Mocana’s military-grade technology to protect millions of IoT devices, controllers and embedded systems. www.mocana.com