Mocana receives $11M in funding for IoT security

Thursday May 18, 2017
Written by MA Staff
May 18, 2017 - Mocana Corporation, a provider of mission-critical IoT security solutions for industrial control systems, has received $11 million in additional investment from Sway Ventures, Shasta Ventures, Trident Capital Fund and GE Ventures.

With the added capital, which brings the total amount raised to $93.6 million, the company says it will continue to advance its IoT Security Platform in an effort to help protect the connected devices that comprise the IIoT market.

“Mocana has a mission and responsibility to protect the billions of devices that make up the Internet of Things,” said William Diotte, Mocana CEO. “Hackers are taking advantage of weak security in IoT devices and industrial control systems, and the pace and impact of cyber attacks is only increasing. Mocana’s IoT Security Platform allows IoT devices of every size to defend themselves from cyber attacks by using military-grade cryptographic software installed on a chip, or flash memory embedded within a device. We couldn’t be more excited about the support we’ve received from investors and the dedication from our team to bring the next generation of security technology to market, at scale.”

The company says the new funding marks an additional milestone as it works to gain an advantage in the market.

“Mocana has been helping industrial manufacturing and automation companies to secure industrial control systems, SCADA networks, avionics subsystems and IoT devices since 2002,” said Michael Dolbec, managing director, GE Ventures. “Mocana’s new IoT Security Platform is solving operational technology and IoT security challenges by tackling one of the toughest industry problems — making industrial controllers and IoT endpoints more secure and trustworthy.”

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