Israeli startup Hub Security, which offers military-grade cybersecurity solutions for fintech, cloud, blockchain and data storage, has raised a $5 million Series A funding round led by Paris-based firm AXA Ventures, with participation from Jerusalem-based crowdfunding platform OurCrowd, a statement from OurCrowd announced last week. The company said the investment will be used to strengthen its team, expand its technology, and offer enhanced products to fintech companies, focusing on enabling access to credit, corporate banking solutions, cross-border payments and providing ultra-secure banking solutions.
The company said the investment will be used to strengthen its team, expand its technology, and offer enhanced products to fintech companies, focusing on enabling access to credit, corporate banking solutions, cross-border payments and providing ultra-secure banking solutions.
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Founded in 2017, Hub Security offers a solution to growing security concerns related to cloud and enterprise organizations that are “raising alarm bells” across industries struggling to combat rising levels of cyberthreats and attacks. There is consensus among security experts of the “need for military-grade security solutions” that can address the threat of data theft and exploitation –– especially in the era of COVID-19.
“Hub Security’s end-to-end approach to the development and delivery of its hardware and software components ensures the highest level of security throughout the entire product lifecycle –– something that’s critical now more than ever in the era of COVID-19. We don’t take for granted the trust we’ve seen from investors, especially in the current financial climate,” said
Eyal Moshe, CEO of Hub Security.
Hub Security is building a Hardware Security Module (HSM), using semiconductor devices called field-programmable gate arrays (FPGAs) to accelerate various processes.
It is also building a mini-HSM. “Hub Security’s mini-HSM is the first of its kind to offer a pocket-sized HSM solution, which provides an ultra-secure HSM-to-HSM communication layer built uniquely for cloud, banking, healthcare, and government enterprises with scalable, air-tight security that can support any cloud-based or digital asset,” said Moshe.
The company has many fintech, cloud, and insurance clients. Since February 2020, they have a strategic partnership with Seagate Technology’s Tel Aviv-based Lyve Labs. The initiative was launched in order to provide methods for safe and secure data management solutions, both on and off the cloud.
“I was actively looking for a ‘software-defined HSM’ platform company in Israel for the past 12 months and I was very pleased when I met Hub Security and learned about their unique offering. We agreed very quickly to partner and invest,” said Moshe Raines, Partner at OurCrowd and Labs/02 managing partner.
“We believe this round of funding is crucial to helping us continue our mission of providing military-grade level cybersecurity solutions to top cloud, finance, and digital asset management providers,” said Moshe.