Phosphorus CybersecurityTM, a CyberTech platform aimed at IoT devices, has picked up $38m in its Series A funding round.
The capital injection was led by SYN Ventures and MassMutual Ventures.
With the funds, the company plans to bolster the growth of its technology development. The majority of the capital will be put towards the hiring of engineering staff, enhancing the customer experience and accelerating inbound demand.
Phosphorus also plans to make enhancements to its technology, including extended device coverage and better integration with security platforms.
The CyberTech company was founded in 2017 by Chris Rouland, Rebecca Rouland and Earle Ady. Its platform offers automated security solutions against IoT vulnerabilities, as well as password management capabilities.
Its technology is used by companies in the finance, defence, retail and enterprise industries.
Over the past year, the company has doubled its workforce and plans to hire 50 more people by 2024.
SYN Ventures managing partner Jay Leek said, “Phosphorus’s unique capabilities for hardening and defending IoT infrastructure are a real game-changer for the cybersecurity industry as until now these solutions have been mostly limited to ‘discovery’ instead of actual remediation and prevention of the risk exposure.
“With the IoT market expanding rapidly, there is already a tremendous need for rigorous security at the endpoint level, and that need will increase exponentially in the coming years. We see Phosphorus playing a market leading role going forward, as its technology is by far the best solution for preventing these types of risks.”
Copyright © 2018 RegTech Analyst