Innogy Innovation Hub has invested in ShieldIOT in a funding round that saw the Internet of Things (IoT) security company raise US$3.6 million (£5 million).

ShieldIOT is an Israel-based company IoT cybersecurity software company. Its end-to-end software security platform enables service providers and utilities to manage the security of IoT devices, applications and networks.

Innogy Innovation Hub led the funding round, with other investors included Janvest Capital Partners, Danmar Capital, Minvest and private investors.

The German energy giant’s innovation division, which invests in and mentors technology-led start-ups, bumped the number of companies in its portfolio to 90 earlier in 2019, doubling the value of the portfolio.

Udi Solomon, CEO and co-founder of ShieldIOT, said the firm’s software provides security in “a new chaotic sphere, characterised by countless different devices and applications” without the needing to make any network changes.

Christof Kortz, director of strategic cyber security venturing at the Innogy Innovation Hub, said IoT will shape the future” of many industries, with the energy system “chief amongst them”.

“The IoT enabled energy system will face new multi-layered and complex security challenges. In ShieldIOT, we have found a company with exciting technology that is designed to secure any IoT device in any topology at scale,” Kortz continued.

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