Mocana upraises $15 million to tackle IoT cybersecurity
Cybercrime has become one of the most common criminal activities on the internet. Around 73 percent of the companies coming from the industrial sector are tremendously suffering from security-based incidents. These eventually results in losing the critical data, according to the report submitted by Siemens. These breaches are costly and devastating. According to the report which came from Cybersecurity Ventures, there will be around $6 trillion of the damages by the end of 2021.
According to the reports, the devices which are extremely vulnerable to the security breach which comes under the category of the Internet of Things. Since 2004, this has always been the specialty of Mocana. The company since its inception has been developing and maintaining on-device end-to-end cybersecurity for a wide array of devices such as the consoles for entertainment purposes, the carriers of cell phones as well as medical devices.
The aim of the company was to simply fuel the growth. Mocana announced that with the help of crowdfunding the company was able to raise around $15 million, which comes straight from Sway Ventures. Some of the other investors are ForgePoint Capital as well as Shasta Ventures. Back in May 2017, Mocana raised $11 million as when it was a new startup company. Later it was estimated that Mocana would raise $105 million.
William Diotte, the Chief Executive Officer of Mocana said that the fresh cash is going to be used for adding new technical potentiality to the product line of the which will help the company to expand its customer support teams, marketing, and sales. The funding is also going to grow the company client base which is comprised of the Internet of Things companies, manufacturing, and defense such as Bosch, Emerson, General Dynamics, Samsung among others.
**This post was published on https://www.inventiva.co.in
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