Vertex Ventures, a global network of funds that counts Singapore’s state investor Temasek Holdings as a limited partner in its different funds, has backed a $4-million seed investment in Israeli cybersecurity firm Axonius. The round was led by YL Ventures and included Emerge Capital.
Axonius aims to aid enterprises in managing their fast-growing number of mobile, computer and IoT devices via the provision of a single platform permitting them to see which devices are active on their networks and control them.
This is meant to enable them to plug potential security holes and deny a potential gateway to hackers via uncontrolled devices.
YL Ventures managing partner Yoav Leitersdorf said, “We are experiencing a Cambrian-like explosion on our networks. Mobility, cloud and IoT are creating a near exponential increase in the types and numbers of user, compute and new devices connecting to enterprise networks. With this explosion comes the inherent cyber risk associated with the lack of visibility, security and control.”
According to a media release, while Axonius itself can be quickly deployed on any network, devices need to be integrated into the network its adapter API and plug-in framework. The solution also utilises networked devices to sense connected devices and turn them into sensors to sniff network traffic.
The cybersecurity market size is expected to grow from $137.85 Billion in 2017 to $231.94 Billion by 2022, at a compound annual growth rate (CAGR) of 11 per cent during the forecast period, using 2016 as a base year for the forecast period of 2017–2022; increasing demand for cybersecurity solutions to secure the network infrastructure and the devices connected to it will drive the emergence of solutions like Axonius.
The emergence of IoT and BYOD trends has connected a large number of devices and applications via the internet, which are susceptible to Advanced Persistent Threats (APTs), with North America expected to account for the largest market share in 2017, due to the presence of a number of security vendors in the region.