The creator of the Software Trusted Execution Environment (sTEE) has successfully completed its Series A funding round.
MagicCube announced the $8.5 million round, which was led by Bold Capital Partners. Epic Ventures, Social Starts and Silicon Valley Bank also participated.
MagicCube enables the large scale deployment and management of Internet of Things (IoT) and mobile-secure customer solutions. The sTEE platform includes a secure, in-app container which protects sensitive data, logic and cryptographic operations on the device while allowing for massive deployment and remote management capabilities.
“There’s a huge gap between what legacy enterprise security systems are trying to protect and the new threats faced by large deployments of connected devices,” MagicCube cofounder and CEO Sam Shawki said. “MagicCube technology was built from the ground up for the purpose of defending against the real threats facing IoT devices and offering comprehensive security for any device across large deployments, regardless of the device maker or the underlying operating system.
“A wide range of applications, including driverless cars, medical devices, fintech and government all have one thing in common: They’re all IoT devices that can’t be secured using legacy solutions.”
Bold Capital Partners managing partner Neal Bhadkamkar explained what attracted him to MagicCube.
“The company represents the kind of innovative thinking around mobile security that IoT needs. With more than 50 billion devices expected to connect into the IoT, safety cannot be an afterthought. As IoT momentum accelerates, and as more companies begin to recognize the critical importance of mobile IoT security, the market will recognize the power and necessity of MagicCube technology.”