Mocana Lands $11M Funding for IoT Security

New round of funding brings IoT security company's total to $93.6 million.

Mocana Corporation, IoT security provider and winner of the Most Innovative Security Strategy Leading Lights Award at Light Reading's Big Communications Event 2017, announced $11 million in new venture funding from Sway Ventures, Shasta Ventures, Trident Capital Fund and GE Ventures. The new funding brings the investment total to $93.6 million.

Mocana's approach to IoT security is based on its Mocana IoT Security Platform, which provides trusted device status and software update capabilities for IoT devices through a gateway. This allows these features to be applied to IoT end points that may be too limited in capability to allow for software updates or advanced security within the device itself.

The Mocana platform allows both the device and its data to be trusted by securing the boot process and firmware. In addition, the platform secures data transmission among the device, gateway and cloud. Rather than solely providing a separate service to the end-using customer, Mocana has been awarded contracts to integrate its platform into the industrial IoT offerings of companies such as Dell, GE, General Dynamics, Panasonic, Schneider Electric, Siemens and Yokogawa.

Mocana is working with other companies to build an ecosystem of interoperable IoT devices and an open framework for IoT edge computing. The company is a founding member of EdgeX Foundry , alongside Dell, AMD, Canonical and 40 other companies.

Founded in 2002, Mocana now has hundreds of customers in the industrial IoT space and is expanding its presence into IoT fields such as avionics, through a partnership with DDC-I. In a written statement announcing the funding, William Diotte, CEO of Mocana, explained the dynamic that is leading the company to grow: "Hackers are taking advantage of weak security in IoT devices and industrial control systems, and the pace and impact of cyber attacks is only increasing."

— Curtis Franklin, Security Editor, Light Reading. Follow him on Twitter @kg4gwa.

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About the Author(s)

Curtis Franklin, Principal Analyst, Omdia

Curtis Franklin Jr. is Principal Analyst at Omdia, focusing on enterprise security management. Previously, he was senior editor of Dark Reading, editor of Light Reading's Security Now, and executive editor, technology, at InformationWeek, where he was also executive producer of InformationWeek's online radio and podcast episodes

Curtis has been writing about technologies and products in computing and networking since the early 1980s. He has been on staff and contributed to technology-industry publications including BYTE, ComputerWorld, CEO, Enterprise Efficiency, ChannelWeb, Network Computing, InfoWorld, PCWorld, Dark Reading, and on subjects ranging from mobile enterprise computing to enterprise security and wireless networking.

Curtis is the author of thousands of articles, the co-author of five books, and has been a frequent speaker at computer and networking industry conferences across North America and Europe. His most recent books, Cloud Computing: Technologies and Strategies of the Ubiquitous Data Center, and Securing the Cloud: Security Strategies for the Ubiquitous Data Center, with co-author Brian Chee, are published by Taylor and Francis.

When he's not writing, Curtis is a painter, photographer, cook, and multi-instrumentalist musician. He is active in running, amateur radio (KG4GWA), the MakerFX maker space in Orlando, FL, and is a certified Florida Master Naturalist.

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