In October 2016, Mirai, an IoT botnet, assaulted Dyn and took down major websites across the East Coast. This emphasized some pre-existing concerns we had about IoT and their general security posture as the IoT device market exploded. Our MIT-based team noticed that malware such as Mirai actually had some very cool anti-malware properties that were well-suited for IoT devices. We started reversing a series of malware we found and began constructing NeuroMesh — a malware-based IoT security technology.
After placing in MIT’s 100K Accelerate and MIT’s 100K Launch competitions, we decided to apply for the Cybersecurity Factory to see if we can make a business out of our new technology. We were extremely excited to be accepted and while we also were accepted to Tech Stars and DeltaV we decided to work with Cybersecurity Factory for the Summer of 2017. Frank, Sean and the Highland Capital Partners team gave us exactly the resources we needed to understand the viability of a business around IoT security. Aside from the pre-seed capital being helpful, Frank’s network of mentors for the Cybersecurity Factory is unmatched. We were able to speak with cybersecurity leaders across industry to see what will work in the market and what will not.
Ultimately, from our mentors, we learned that there is no clear market right now for IoT security because companies have no liability for their devices being hacked. However, there was a very strong market for critical infrastructure IIoT-based technologies. We have since focused our business on securing clean energy systems, transportation networks and water technologies that have no security. We have been hacking into and securing smart meters, CCTV cameras and other critical assets and are proactively working with our first customer, a major utility in both Spain and the US, to keep our power grid secure. Right now, we are raising a Seed Round with some high-profile strategic investors. We’ll update you once it’s closed!
Thanks to Cybersecurity Factory providing the right network, a physical space for us to hack in (with great snacks) and capital, we were able to determine our product-market fit and find our niche in the startup world. We highly recommend the program for any other cyber startups. You won’t find a better accelerator.