Toronto, Canada – January 15th, 2018 – Within a month of the inaugural MLA48 Fund II investment in Suncayr, we are excited to announce the Fund’s second investment: Cybeats, a cybersecurity company focused on the Internet of Things (IoT). The Cybeats’ seed round of investment also includes cybersecurity industry insider and MLA founding member, Dr. Richard Reiner, iNovia Capital, and other Angels.
With an estimated 50 billion connected devices by the year 2020, the Internet of Things (IoT) is quickly becoming an integral part of our world. But, with the increased opportunity that IoT brings, so too comes a multitude of new threats to cybersecurity – recent examples include a vulnerability in Intel’s processor chips allowing an attacker to access kernel memory and dump data, including passwords and encryption keys.
Cybeats’ approach involves software that is embedded into devices to provide continuous protection, allowing them to detect the most sophisticated threats instantly. Cybeats’ Cloud Ecosystem then analyzes data from the infected device, and provides a full threat diagnosis and treatment plan.
“We are excited to have MLA48 participating in this round, it was a very quick turnaround from the time we pitched until when we got the thumbs up. We are happy to join the big family of the companies in the MLA48 portfolio and looking forward to building our company to be a dominant player in the IoT cyber defense industry,” says Dmitry Raidman, CEO and Co-founder.
Cybeats announced that Dr. Reiner, a founding member of MLA and renowned serial cybersecurity entrepreneur and executive with a long string of successful exits, would be joining as Chairman of the company. Dr.Reiner brings to Cybeats many years of experience at the cutting edge of the cybersecurity industry.
“Maple Leaf Angels is pleased to participate in this round with iNovia, Richard and other angels, through its MLA48 Fund II. The cyber security problem is a growing global issue, particularly in IoT devices. We believe that Cybeats has the right team and technology to tackle this problem,” said Managing Director Prathna Ramesh.
The funding will be used to scale Cybeats’ sales team, to further develop new Artificial Intelligence and Machine Learning capabilities for the Cybeats platform, and to expand the company’s services into APAC and EU markets.
After successfully deploying MLA48 I, MLA launched its second fund, Maple Leaf Angels 48 Fund II Limited Partnership (MLA48 II), designed to foster innovation in Ontario by accelerating funding timelines for the province’s brightest entrepreneurs while providing diversification for accredited investors. The limited partners are MLA members who want to invest collectively, and the general partner is Maple Leaf Angels Capital Corporation, a subsidiary of Maple Leaf Angels Corporation. https://mapleleafangels.com/mla48/
Maple Leaf Angels enables high potential companies to grow, realize their potential, and offer excellent returns by bringing together investment, experience, and a network of partners. To date, our members have invested over $28 million in 45+ companies across Canada. We offer Curbside Mentoring events and weekly complimentary office hours to connect the brightest, most passionate entrepreneurs with our accredited investors in a streamlined process. www.mapleleafangels.com
Founded in 2016, Cybeats is an immune system for IoT devices that takes an “inside-out” approach to cybersecurity. Cybeats’ software is implanted into Enterprise IoT (EoT), Industrial IoT (IIoT), and Critical Infrastructure IoT devices to provide continuous protection, allowing devices to detect threats instantly and gather data to help security professionals neutralize the threat. Cybeats’ cloud SaaS ecosystem analyzes data from the infected device, providing CSOs and IT pros a full diagnosis and treatment plan for the threat, saving them time and money. https://www.cybeats.com/
Managing Director, Maple Leaf Angels