IoT security company Pwine Express gets $8M and a new CEO
Dec 04 2017
Pwine Express, the maker of Pulse IoT security platform that identifies rouge devices and networks across connected devices raised $8M in new funding from existing investors .406 Ventures, Ascent Venture Partners and Fairhaven Capital.
The new funding comes with the change in leadership in the form of Todd DeSisto as the company's new CEO. Desisto is an ex-CEO of Axeda, an IoT company acquired by PTC (Nasdaq: PTC) for $170M.
The company’s core solutions include network asset discovery, wireless network security, Bluetooth security and rouge device and network detection. The company also sells penetration testing devices (called pentesting devices) to detect/assess on-site network/device security.
The new CEO will help the company by rolling out the new channel partner programs (aimed towards managed security service providers MSSPs). The funding proceeds will also help launch new IoT security products.
The latest round of funding brings Pwine’s total equity funding to $28M. There’s been a series of investments in the IoT security startups. This year four startups including ZingBox, CloudPost, Armis, and Mocana raised north of $50M. And, there’s a group of IoT security startups that got funded by the Department of Homeland Security in Q1’17. This shows that as the number of internet-connected devices/machines has increased, so has the need to secure these assets via new solutions.
+ The company recently announced the launch of a new program – Stampede -- for managed security service providers (MSSPs), value-added resellers (VARs), and original equipment manufacturers (OEMs) to offer IoT security that can be easily integrated into existing IT security solutions.
+ Vermont Center for Emerging Technologies also invested in the latest round of investment raised by Pwine Express.
Company that provided IoT/wireless security at Black Hat conference, detecting fake cell tower and karma attack, gets new funding and CEO. https://t.co/zdzTrnRnJP— Chris Wysopal (@WeldPond) November 29, 2017