Mocana raises $11M to boost its IoT security offering
Internet of Things security solutions firm Mocana Corp. has raised $11 million in a new round that included Sway Ventures, Shasta Ventures, Trident Capital Fund and GE Ventures.
Founded way back in 2004, Mocana offers a Full Stack IoT security platform that provides mission-critical IoT security solutions for industrial control systems and IoT providers. The platform allows devices to defend themselves once a hacker gets behind a firewall or gains access to a computer on the inside of a private network. It does this by ensuring that both the device and its data can be trusted by securing the boot process and firmware while at the same time securing the transmission of data between the device, gateway and cloud.
The company’s most recent release, a new version of its IoT Security Platform launched in March, utilizes a “trust engine,” an abstraction layer that leverages new security features from chip makers like ARM Ltd. and Intel Corp., along with an automated certificate management tool that ensures trust from system booting all the way up to Industrial IoT operations.
“Mocana has a mission and responsibility to protect the billions of devices that make up the Internet of Things,” Mocana Chief Executive Officer William Diotte said in a statement sent to SiliconANGLE. “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 provides IoT security support to “hundreds” of companies, including General Electric Co., General Dynamics Corp., Panasonic Corp., Schneider Electric SE, Siemens AG and Yokogawa Electric Corp, and is also as a founding member of EdgeX Foundry, alongside Dell Inc., Advanced Micro Devices Inc., Canonical Ltd. and others, a group led by the Linux Foundation that is working towards designing and delivering an interoperable IoT device ecosystem and open framework for IoT computing.
“Mocana has been helping industrial manufacturing and automation companies to secure industrial control systems, SCADA networks, avionics subsystems and IoT devices since 2002,” GE Ventures Managing Director Michael Dolbec added. “Mocana’s new IoT Security Platform is solving operational technology (OT) and IoT security challenges by tackling one of the toughest industry problems – making industrial controllers and IoT endpoints more secure and trustworthy.”
Including the new funding, Mocana has raised $76 million to date. Previous investors who did not participate in the new round include In-Q-Tel, Intel Capital, Southern Cross Venture Partners and SV Angel. The company said it would use the new funding to “accelerate innovation and drive growth.”
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