According to McKinsey (1), the worldwide number of IoT-connected devices is projected to increase to 43 billion by 2023, an almost threefold increase from 2018.
Beyond the number, digital networks and assets are more valuable and prolific than ever.
Together with all the benefits that this trend is bringing on, threats to digital ecosystems are multiplying.
This is why cybersecurity is becoming a strategic business issue with enormous financial, reputational, and regulatory implications for large companies.
Indeed, it’s not surprising that there are 21,729 startups who either compete in or rely on cybersecurity technologies and solutions as a core part of their business models today, 1,653 of which have received seed funding in the last twelve months (3).
At Mind the Bridge, we advise our corporate partners to find the most innovative solutions around the world that can help them avoid the biggest cybersecurity threats, from network and data security to IT governance, digital assets, and policy compliance.
You will find below our short selection of the best cybersecurity startups we met in the past year.
GK8
HQ: Tel Aviv, Israel
Founded: 2018
Funding: Series A
GK8 is a cybersecurity company that developed a custodian technology designed to secure end-to-end management and security of digital assets. The company’s technology provides secured cold wallets with hot wallet functionalities, enabling financial institutions, custodians, exchanges, and hedge funds which hold cryptocurrencies to make real-time blockchain transactions of digital assets without any need for an internet connection and protection against cyber-attacks and hackers.
The Company is led and backed by industry thought leaders.
Worth mentioning: Clients include AON and eToro.
VDOO
HQ: Tel Aviv, Israel
Founded: 2017
Funding: Series B
VDOO’s solutions allow protecting connected devices from cyber-attacks throughout the entire product lifecycle, based on security analysis automation and real-time protection technologies. The company developed an online platform designed to solve IoT cybersecurity problems. The company provides an end-to-end platform to offer security automation, certification, and active protection, enabling IoT makers to identify the right security requirements for their device(s), take action to implement those security features, and certify their devices in a way that enables post-deployment protection.
Worth mentioning:
- Clients include Fujitsu, NTT Data, and Bosch.
- Investors include NTT DOCOMO Ventures and GGV Capital.
CyberOwl
HQ: Birmingham, United Kingdom
Founded: 2016
Funding: Series B
CyberOwl builds on cutting-edge research that started its life at the Defence Academy of the United Kingdom and completed at Coventry University. The founding team combines decades of experience in developing, securing and operating large distributed systems.
The company developed a risk analytics system designed to provide remote protective monitoring for connected OT OT, IIoT, and SCADA/ICS assets. The company’s system provides real-time visibility, raises early warning, and predicts suspicious activity on OT systems and assets, enabling engineers and security analysts to take preventative action before any real cyber-physical damage or operational loss is sustained.
Worth mentioning:
- Client include UK Ministry of Defence for innovative predictive cyber capability
- CyberOwl CEO Recognised as Top 100 Most Influential BAME Leader in Tech in 2019.
- CyberOwl has been selected as a founding member of the Eastern Pacific Shipping (“EPS”) accelerator powered by Techstars in 2020.
ReFirm Labs
HQ: Fulton, United States
Founded: 2017
Funding: Seed
ReFirm Labs is an emerging leader in the risk mitigation space. With decades of experience securing devices for sensitive national security applications, the team has developed new methods for you to evaluate and monitor risks lurking inside the firmware of IoT and connected devices.
The company’s platform Centrifuge tests firmware during and after the development process and monitors for new vulnerabilities, enabling organizations to detect security flaws in connected devices and mitigate them easily.
Worth mentioning:
- Notable customers include AT&T, Charter Communications, and ARRIS.
- U.S.Air Force Awards ReFirm Labs $1M Contract to Accelerate IoT Security Innovation
- Awards:
Ubirch
HQ: Cologne, Germany
Founded: 2014
Funding: Series B
UBirch developed a blockchain technology designed to capture information from the internet of things sensor. The company’s technology offers a continuous chain of security and confidentiality for the collection, handling, and storage of data, guarantees the integrity of data that is exchanged between the internet of things devices, enabling clients to maintain the integrity of data. How does it work? Before data is transferred from the physical to the digital world, the company systems seal every single data packet directly at the point of data capture using robust cryptography and blockchain technology. This creates an unalterable “chain of trust” that guarantees at source that IoT data is not manipulated, duplicated, or deleted. The data can be verified by any recipient anytime, anywhere, just as if they were at the source.
Worth mentioning: Partners include Microsoft, DT Telekom, and Lufthansa Industry Solutions.
Final Word: Cybersecurity is no more an IT Issue, It’s a Business Issue
At Mind the Bridge, we believe 2020 will be the year where implementation of Cybersecurity projects will spread among organizations with business units, from legal to manufacturing, procurement to operations, taking the lead.
We will keep looking for the most interesting innovators around the globe that could support our clients in securing their assets.
Feel free to reach out if you want to learn more about the companies mentioned in this article.
Stay tuned on our next Scaleup Summits:
- Scaleup Summit Silicon Valley – September 30 – October 1, 2020.
- Scaleup Summit Europe – December 2020.