Israel's HUB Security, a startup that offers military-grade cybersecurity solutions for fintech, cloud, blockchain and data storage, announced May 7 it has closed a $5 million Series A funding round led by AXA Ventures, with participation from Jerusalem-based OurCrowd.
The company said the investment will be used to strengthen HUB Security's team, expand their 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.
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, the company said.
"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 Eyal Moshe, HUB Security's CEO.
"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."
As a growing number of industries turn to cloud and data storage solutions, there is an increasing demand for cybersecurity solutions that can combat emerging threats.
HUB Security boasts an expanding portfolio of fintech, cloud, and insurance clientele. In February 2020, the company announced its strategic partnership with Seagate Technology as part of its new LyveTM Labs. The initiative was launched in order to provide methods for safe and secure data management solutions, both on and off the cloud, according to the company.
"HUB Security's miniHSM 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 CEO Moshe.
The company said it utilizes military-grade cybersecurity tactics for its HSM architecture that is designed for FIPS140-2 Level 4 protection (In advanced stage process) –– the highest protection level available for mobile cryptographic security solutions on the market to date.
HUB Security's combination of hardware and software solutions include ultra-secure internal signing and authorization flows with a multi-signature vault, hardware firewall and an AI-learning system designed to anticipate unique cyberattacks, according to the company.