Mocana’s IoT Device Security Platform Gains Wider Adoption as Alternative IT and OT Security Solutions Fall Short
Mocana, the leading provider of device security solutions for IoT and industrial control systems, today announced that the company completed the first close of $15 million in new financing to accelerate the development of its TrustCenter™ IoT device security platform to meet growing demand. This 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 is addressing 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™ is the only solution of its kind that automates, orchestrates and manages IoT device security while meeting the highest levels of cybersecurity compliance and standards. Mocana’s system of cybersecurity can be used to protect both legacy devices that are too old to patch and new Internet-connected mission-critical devices.
Since announcing the availability of Mocana TrustCenter™, the company has seen strong demand with customers in trial and deployment to protect mission-critical, Internet-connected 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, CEO 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.”
The United States Council of Economic Advisors estimates that malicious cyber activity cost the U.S. economy between $57 and $109 billion in a single year. According to the U.S. Office of the Director of National Intelligence (DNI), “Cyber threats were the most important strategic threat facing the United States. They impose costs on the United States and global economies and present risks for nearly all information, communication networks, and systems.”
This new funding will be used to add new technical capabilities into Mocana TrustCenter™ and TrustPoint™, driving further growth across Mocana’s customer base of large defense, industrial manufacturing, and IoT companies. Later this year, Mocana will be adding visibility and analytics tools into its TrustCenter™ platform that will provide a deep view into the processes running on systems and subsystems of IoT devices and industrial control devices. Additionally, the company will use the new investment to grow their sales, marketing and customer support operations as it continues to expand globally.
“It’s no secret that today’s industrial control systems and IoT devices are extremely vulnerable to cyberattacks,” said Brian Nugent, founding General Partner, Sway Ventures. “We believe Mocana’s laser focus on providing comprehensive IoT device security offers the most efficient way to defend against sophisticated attack scenarios.”
“Mocana is driving a fundamentally different approach to securing IoT from the device to the cloud,” said Rob Coneybeer, Managing Director at Shasta Ventures. “We continue to invest in Mocana because we firmly believe that their TrustCenter IoT device security management platform is a game-changing technology for the future of IoT and industrial control system security.”
Mocana’s solutions are used by some of the largest companies in the world including ABB, GE, HP, Intel, Schneider Electric, Verizon, and Xerox. Mocana’s TrustPoint™ device security software is designed for resource-constrained embedded systems and enables IoT devices to defend themselves. Mocana TrustCenter™ provides unprecedented controls, automation, and orchestration to scale the provisioning and management of security for massive-scale IoT and mission-critical IoT.