Hub Security, a Tel Aviv-based start-up that developed a software application and hardware platform for cryptographic operations, today revealed that it has raised a $5 million Series A round led by AXA Ventures. Crowdfunding platform OurCrowd Got involved in this round. Like the majority of companies at the Series A phase, the company prepares to use the investment to broaden its group and innovation offerings.
On the hardware side, Center Security is constructing both a relatively standard Hardware Security Module (HSM), utilizing FPGAs to accelerate numerous procedures and to create a physical separation in between the part of the maker that holds the secrets and the outdoors world.
It’s likewise building a mini-HSM, which is basically a small hardware wallet with an integrated firewall software, EMI shield and tamper-resistant case. On the software side, the company provides tools for managing the finalizing and authorization workflows, along with a device learning-based tool that has been created to anticipate cyberattacks on the system.
Like many Israeli cybersecurity companies, most of Center Security’s starting group got its start in the Israeli Defense Forces’ System 8200. The group established the company in 2017, but co-founder Andrey Iaremenko had begun working on the problem a few years earlier. “He was attempting to find out a way to deal with secrets in movement for anything that’s not military, anything that does not need a great deal of resources and can be fairly cheap and can be commoditized quickly,” Eyal Moshe, Hub Security’s CEO, told me.
In the early days, the business focused a lot of its marketing on the blockchain market, however as Moshe told me, it has developed its messaging quite a bit ever since. “The vision didn’t alter. What changed was the focus and how we pitch it, however the vision didn’t change much. What I think is altering recently is some understanding of how we can market it alongside how we can add value to cloud consumers without interfering too much with their setup,” said Moshe.
Unsurprisingly, Center Security’s focus today is on dealing with fintech and cloud companies. It currently has a tactical partnership with Seagate Innovation’s Tel Aviv-based Lyve Labs, which concentrates on partnering with local companies that work on building brand-new solutions for handling exabytes of data.”I was actively trying to find a ‘software-defined HSM’ platform company in Israel for the past twelve months and I was extremely pleased when I satisfied Hub Security and discovered their special offering. We agreed really quickly to partner and invest,” stated Moshe Raines, partner at OurCrowd and Labs/02 handling partner. That financial investment came together just around the time Israel went into its rigorous COVID-19 lockdown