SANTA CLARA, CA, Developer of Security and Risk Management software has closed a $4M Seed funding round led by Wing Venture Capital.
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CloudPost Networks, the developer of Security and Risk Management software that enables companies to deploy IoT devices safely and securely across their operations, announced today that it has closed a $4M Seed funding round led by Wing Venture Capital, the best-of-breed venture firm focused on early-stage, long-term company building in business technology.
There is an urgent need for innovative solutions that are tailor-made for managing IoT risks. The widespread penetration of insecure devices, and companies' use of smart systems to drive new services and revenue growth, have dramatically expanded attack surfaces. At the same time, hackers are becoming ever more adept at exploiting IoT vulnerabilities, as recent sophisticated security breaches have highlighted.
CloudPost Networks' unique approach accurately identifies IoT devices and vulnerabilities, manages risks, and protects new and legacy business-critical systems. "Traditional security models do not have the precision required to identify and prevent directed attacks against IoT systems," said Pandian Gnanaprakasam, CEO and co-founder of CloudPost Networks. "CloudPost identifies, monitors, and protects every IoT device and system in the enterprise."
"In today's age of smart business automation, modern enterprise companies need to fundamentally rethink their approach to safeguarding IoT devices and the networks they connect to," said Peter Wagner, Founding Partner of Wing. "Pandian and his team at CloudPost are building cutting-edge solutions to manage and reduce risk. We're excited to partner with them as they expand their work at the intersection of the multi-billion-dollar IoT and security pillars within IT."
Many industries are grappling with the novel security challenges posed by IoT. These are especially acute in healthcare, as the recent WannaCry ransomware attack demonstrated. "The problems for hospitals are operational and financial, as device malware infections degrade medical device performance or even shut down clinical operations, sometimes across entire departments," observed Lynne Dunbrack, Research Vice President at IDC Health Insights.
Security concerns are holding back IoT investment that will help drive corporate revenues and profits. "While most organizations plan to ramp IoT spending over the next 12 months, security remains the number one impediment to deployments" said Tracy Corbo, Senior Research Manager at 451 Research. "Top security concerns include the lack of IoT endpoint security, the absence of strong authentication for IoT endpoints, application security vulnerabilities within IoT systems, and missing end-to-end security across the network."
CloudPost's Security and Risk Management solution addresses many of these and other issues. Its leadership team of experts in networking, security, and systems engineering includes veterans of Cisco, Aruba, HP, and successful startups. The new funding will turbocharge CloudPost's mission to help companies profit from IoT technologies, while managing the risks associated with an increasingly connected physical world.
Joining Wing in the investment round are highly successful company builders and business executives. Private investors include Dan Warmenhoven, former Executive Chairman and CEO of NetApp; Dominic Orr, most recently President at Aruba, a HPE company; Pankaj Patel, former EVP & CDO of Cisco; and Prakash Bhalerao, an entrepreneur and venture capitalist.
About CloudPost Networks
CloudPost Networks develops IoT security and risk-reduction solutions that protect business-critical devices and systems. CloudPost uniquely ties device identity with behavioral analytics so organizations can quickly spot security issues and implement precise controls to protect the environment. For more information: www.cloudpostnetworks.com
About Wing Venture Capital
Wing Venture Capital is the best-of-breed venture capital firm devoted to early-stage, long-term company building in business technology. Wing emphasizes craftsmanship over volume, and engages deeply with founders to help them create companies that matter. The body of work of Wing's award-winning team spans more than two decades and dozens of successful early-stage companies, 16 of which went on to achieve billion-dollar plus outcomes following IPOs or acquisitions. For more information: www.wing.vc