Israeli cyber company SAM Seamless Network, which provides a software solution to protect unmanaged networks and IoT devices, announced that it has raised $20 million in a Series B funding round led by Blackberry and Verizon Ventures. The latest round raises the total amount of funding raised by the company to almost $40 million. The round was aimed at accelerating the growth of the company, which is currently protecting 2 million networks and 70 million devices worldwide, and expanding its operations to secure 10 million communications networks and 500 million end devices by the end of 2021.
The company developed a cybersecurity system for protection of home networks and small to midsize companies. "Since we're the fastest growing and most widely deployed solution in our space, we've been able to improve our behavioral and machine learning techniques to not only detect, but prevent attacks targeting smart devices," said Sivan Rauscher, CEO of SAM. "Combining our technology with 5G transformation will enable us to more effectively predict unknown attacks."
The company will use the latest funding for developing a new product that brings cybersecurity to smart devices connected to 5G networks. The company will also leverage Mobile Edge Computing architecture of 5G networks to operate closer to devices. With increased visibility and reduced latency of 5G connectivity, the company will be able to make faster decisions for the security of smart devices wherever they are.
SAM was established in 2016 by CEO Sivan Rauscher, CTO Eilon Lotem, and Vice Chairman Shmuel Chafets, who are veterans of IDF technology units 8200 and 81, and have extensive experience in the field of securing networks. The company has offices in Tel Aviv, New York and Berlin.