The company hopes it is well positioned to take advantage of IoT security needs when the industry starts to take off
Security Platform, a South Korean IoT security solution, announced today it has raised a US$2.78 funding round from SoftBank Ventures Korea and Premiere Partners.
SoftBank Ventures Korea is a subsidiary venture arm of the Japanese conglomerate SoftBank Group. Premiere Partners is a local fund management company with a division explicity focussed on VC funding.
Security Platform has built a product that protects IoT devices from security. The company pitches that the unique nature of IoT technology means that more broad security products are not effective in providing security.
The Axio-OS product is an operating system that is designed to be flexible and respond to various threats.
Su-ik Hwang, the CEO of Security Platform, said the company plans to use the money to expand into other markets and eventually become a “unicorn in IoT security market.”
“We have prepared for a period of time in order to dominate the IoT security markets and technologies in advance,” he said.
“I am confident that we are definitely ahead of the ultra-light IoT security market in the ARM Cortex M0 class while others are still in R&D stage.”
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The company is positioning itself to take advantage of what it views as an IoT market on the verge of extreme growth. As the devices become an evermore important part of our lives, security will eventually grow into an important consideration (ala cloud-computing security of today). Security Platform wants to be the market leader once that transition occurs.
Eugene Chang, a Senior Associate of SoftBank Ventures Korea expressed confidence in the abilities of Security Platform.
“Through SoftBank’s ecosystem, Security Platform Inc. is highly likely to grow into a global company because it has a well-developed set of technologies and leads to a wide range of real life applications,” he said.
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