Internet of Things is slowly unfurling its network across the globe, but according to recent predictions, its growth is going to speed up and by 2020 there will be a user base of more than 30 Mn connected smart devices. Mocana is a mobile security company that is working towards protecting these connected devices that store data across networks, in order to prevent someone from hacking or tampering with these devices.
The company provides app and web-specific security solutions for enterprises as well as application developers along with a no-coding software development kit. It currently claims to provide encryption and security services to close to 300 device manufacturers including Panasonic, Cisco, Dell, GE and Siemens among others, to protect their products like medical devices, consumer electronics and industrial automation.
However, now that intelligent connected devices for the Internet of Things are projected to outnumber PCs and smartphones by five to one in a few years, and have been rapidly expanding to cover industries such as automotive, home appliances and consumer electronics, data security requirements are becoming more complex.
With the intent of getting an early start on providing security solutions for the growing connected smart device market, the company has recently raised USD 15 Mn in a latest round of funding lead by GE ventures, with participation from existing investors Shasta Ventures, Southern Cross Venture Partners, Symantec and Trident Capital.
The new funding will be used to expand Mocana’s product lines, build out the company’s international presence and increase marketing activities to speed up the deployment of secure Internet of Things solutions and mobile apps, especially in highly regulated industries.
Till date the company has raised around USD 50 Mn. “This investment will allow Mocana to accelerate key strategic initiatives and cement our position as a security leader”, said James Isaacs, Chief Executive Officer, Mocana.
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