New investments emphasise continued momentum for US IoT space
The IoT investment gravy train continues to run, particularly in the US: California-based MagicCube has secured $ 8.5 million in series A funding, while Vognition, a smart voice control solution provider out of New Jersey, has raised $ 700,000.
According to John Koetsier, a mobile economist at TUNE, 2,888 businesses in the US building the IoT employ 342,000 workers, have raised $ 125 billion in funding, and have created $ 613 billion in value. Moreover, 95 of them are now unicorns: billion-dollar start-ups.
MagicCube’s technology enables the large-scale deployment and management of IoT and mobile-secure solutions to consumers. The MagicCube sTEE platform provides a secure in-app container that protects sensitive data, logic and cryptographic operations on the device, while offering unprecedented ease of massive deployment and remote management capabilities.
The company’s funding round was led by Bold Capital Partners, with participation from Epic Ventures, Social Starts, and Silicon Valley Bank. “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,” said MagicCube co-founder and CEO Sam Shawki.
“MagicCube technology was built from the ground up for the purpose of defending against the real threats facing IoT devices and offering comprehensive security for any device across large deployments, regardless of the device maker or the underlying operating system.”
Vognition’s investment came from the Highlander Angel Network (HAN), a highly sought after fund at the New Jersey Institute of Technology (NJIT) which includes a group of accredited investors supporting commercialisation of technologies by providing investment capital, mentoring, and access to network resources.
Vognition’s founder and CEO, Michael Liguori, added: “I created Vognition as a maverick software solution that delivers super-fast integration across all boundaries. I like to think of it as the virtual plumbing for all voice controls. I couldn’t be more honoured to have the support of HAN on this exciting journey.”
According to a recent analysis from ReadWrite and Spoke Intelligence, 2,748 companies in the US, and another 140 in Canada, make up the IoT scene in North America.