IoT Security Startup Completes Series A Funding Round

Software Trusted Execution Environment(sTEE) platform provider MagicCube announced it has completed an $8.5 million Series A funding round. Bold Capital Partners led the round, accompanied by Silicon Valley Bank and Epic Ventures.

MagicCube’s technology allows enterprises to launch large-scale deployment and management of IoT and mobile secure applications to consumers. The platform provides a secure in-app container to protect sensitive data and cryptographic operations on the device along with remote management tools.

Addressing the new IoT security threats

According to MagicCube CEO and co-founder Sam Shawki, “There’s a huge gap between what legacy enterprise security systems are trying to protect and the new threats faced by large deployments of connected devices.”

[Related: IoT Security Bill Headed for Senate ]

MagicCube technology is designed to defend against the threats facing IoT devices and offering comprehensive security for any device across large deployments, regardless of the device maker or the underlying operating system. “A wide range of applications, including driverless cars, medical devices, fintech and government all have one thing in common: They’re all IoT devices that can’t be secured using legacy solutions,” Shawki said.

[ Related: Could We Finally Have a Secure IoT, Courtesy of the NSA? ]

Focus on mobile security

This funding round will enable the company to increase adoption of its mobile security platform across the IoT sector. In January, MagicCube announced a partnership with credit card digitization provider Sequent, and last month a partnership with Latin American mobile payments provider YellowPepper. The two companies are joining their technologies to create a new product offering that protects token-based payment serve deployments.