Bastille, an Atlanta-based startup that's billing itself as the first cybersecurity company focusing specifically on the Internet of Things, just landed $9 million in Series A funding.
It will use the proceeds to make the product, which is currently still in beta, enterprise ready with a delivery date of the first quarter of 2016, Bastille founder and CEO Chris Rouland told CMSWire.
This includes developing integrations so the product can plug directly into the users' own IT infrastructure, he said.
The product has several pilots underway, Rouland added, noting, "This is going to be our year of beta before we release the finished product next year."
Bessemer Venture led the round, in which cybersecurity entrepreneur Tom Noonan and Rouland also invested.
The backers are apparently sold on what Bastille has cooking. All three invested in the angel round last year, for a total of $2.5 million. The company was founded in April 2014 and has secured a total of $11.5 million in investment.
Scanning 100 Protocols
Cowan of Bessemer Venture Partners said Bastille "has assembled a unique combination of world class RF and cyber researchers to develop the first general purpose IoT security platform."
Since this will be — as Bastille and its backers explain — the first IoT security platform built from the ground up, a look under the covers seems worthwhile, despite the platform's beta status.
Bastille describes its product as a combination of next-generation sensors and software that scan the entire electromagnetic spectrum, gaining visibility into devices that operate on more than 100 distinct protocols.
Current security products, even those that bill themselves as IoT-ready, only really scan on two protocols: Ethernet and Wi-Fi, according to Rouland.
"Most big security companies are scrambling an IoT story that they can spin for their existing products," he said. "They are trying to put a veneer of IoT on their listed products."
"I recently saw a large publicly traded company executive about how the company's firewall proxy is all that is needed to protect IoT."
The problem with this approach is that it will not give companies complete visibility into its operations, at least the non-traditional components where IoT will likely play.
This is a space that Rouland describes as "anything that is not a computer" and it can include a range of channels from wearables to smart HVAC control systems to power back-up systems."
"We look at the entire radio spectrum and identify all of the IoT uses," he said.
A new research report suggests that Bastille is entering a quickly expanding market. IoT security is expected to grow to $28.9 billion by 2020 from $6.89 billion this year, at a CAGR of 33.2 percent, according to Marketsandmarkets.
A glance through the report's tablet of contents shows how in-depth the market is, or will be.
The type of security solutions will range from network to endpoint to application to content to the cloud. Delving just into the applications, the market is further broken into numerous categories from wearables to home automation to asset operation to telematics.
Vendors in the space include Cisco, IBM, Infineon Technologies, Intel Corporation, Symantec and Check Point Technologies.