Almost every device nowadays comes with internet connectivity. The problem is that the many devices and standards do not have high security standards, due to both lack of awareness and limited processing power.
This is exactly the problem that Israeli startup NanoLock Security wants to solve. The company’s mission is to protect billions of IoT components.
A short pitch: What does the company do?
A: It protects end-components in the IoT sector.
A slightly more thorough explanation
A: The company is developing a defense component for tens of billions of currently unprotected end components in the IoT market.
The technology also facilitates powerful protection in cases in which the component has limited computing power, little energy, and is exposed to local and infrastructure attacks. We are trying to solve the problem in which tens of billions of IoT components are exposed to powerful attacks aimed at penetrating them and destroying infrastructure, while our computing power is very limited. We do this by electrically and logically obstructing the ability to write malware for the operating system and the component’s memory, while at the same time allowing safe software updates.
Q: How did you get the idea?
A: The idea comes from the enormous knowledge acquired by Erez Kreiner, one of the entrepreneurs, in protecting critical infrastructure in his job as head of the National Cyber Security Authority. Amir Sadeh also has similar knowledge. We have been in touch with quite a few customers and users, and we realized that it was necessary to protect end components that lack many of the necessary resources. The final insight was reached only in recent weeks, when huge well-timed attacks with destructive results took place exactly in the way we are likely to prevent.
Q: What stage have you reached?
A: The product is in the development stages, and we are operating in cooperation with various customers and partners to specify the requirements from it.
Q: Who are your competitors?
A: Our solution facilitates powerful protection without a strong processor or a continuous electrical connection. The ability to prevent the writing of malware and spyware for relatively simple components, while at the same time allowing safe remote updates, is something special. Manufacturers of memory and processors that provide defense solutions also require strong processors, and do not provide an end-to-end solution, as NanoLock does.
Q: How do you plan to make money?
A: The company will sell a protection system that includes a hardware memory component and a software platform interfaced with organizational management systems. The company is currently working on protection for the auto industry and industrial components customers.
Q: Have you already received investments? How many? Who invested?
A: At the moment, we’re financing ourselves, and we’re in touch and doing inquiries with investors in Israel and overseas, both as venture capital investors and as strategic investors.
Q: Who are the company founders?
A: Nation Cyber Security Authority founder and former head Erez Kreiner, former GreenSQL CEO and former Enigma CTO Amir Sadeh, former SanDisk senior VP and CTO Kevin Conley, and Oree and Join founder Eran Fine. NanoLock was founded in 2015.
Q: How many employees do you have? Where are your offices?
A: We have five employees and our offices are in Tel Aviv.
NanoLock is taking part in the Startup Arena, Geektime’s startup competition taking place for the ninth consecutive year in the framework of the Geektime Conference. Past participants include companies such as Kaltura, Cyactive, and SalesPredict, among others. The 2016 Startup Arena competition this year is sponsored by Altshuler Shaham Benefits.