Cybeats, a Toronto, Canada-based cybersecurity company protecting Internet of Things (IoT) devices, raised $3m in funding.
The round was led by Ripple Ventures, with participation from GreenSoil Building Innovation Fund, MaRS IAF, MLA48, ScaleX and inovia capital. As part of the financing, Matt Cohen, Founder and Managing Partner, Ripple Ventures, and Susan McArthur, Managing Partner, GreenSoil Building Innovation Fund, joined Cybeats’ board.
The company intends to use the funds to expand sales, research and development, and enterprise capabilities with a focus on smart buildings, medical devices and critical infrastructure.
Co-founded by Dmitry Raidman, Peter Pinsker and Vlad Kharbash, Cybeats deploys internal defense, monitoring and lifecycle management for IoT devices to protect against known and completely new cybersecurity threats. Through an “inside-out” approach, the solution deploys a microagent in the firmware that complements the existing software and hardware of the device, and ensures it will not be compromised.