Device security provider, Mocana, closed on $15 million in new financing to accelerate the development of its TrustCenter IoT device security platform.
The investment was led by Sway Ventures with existing investors Shasta Ventures and ForgePoint Capital (formerly Trident Capital Cybersecurity) also participating. With the additional funding, Mocana’s funding to date is $105 million.
Mocana’s goal is to address a cybersecurity problem that is costing companies tens of billions of dollars per year. Hackers are bypassing traditional IT network security approaches by attacking IoT and connected industrial and enterprise devices from within private networks by using phishing emails and physical intrusions to target the most vulnerable devices.
Mocana’s device security solutions complement IT network and operational technology (OT) security technologies, such as firewalls, IDS/IPS and threat detection, by enabling the endpoint devices and gateways to defend themselves using on-device cryptographic controls that are designed for mission-critical systems with limited memory and processing capabilities.
Mocana TrustCenter automates, orchestrates and manages IoT device security while meeting cybersecurity compliance and standards. Mocana’s system of cybersecurity can be used to protect legacy devices that are too old to patch and new Internet-connected mission-critical devices.
“With existing IT network and operational technology (OT) security measures failing to keep the hackers at bay, there has never been a more critical time to rethink security and start protecting devices from the inside out,” said William Diotte, chief executive of Mocana. “Our customers require simple and secure solutions that allow them to protect both legacy devices and new devices. We are seeing strong demand for Mocana’s TrustCenter, and this new funding will help us deliver on our promise of providing protecting cities, countries and families.”