Ockam raises $4.9m to tackle IoT’s staggering security challenges

2 Dec 2019

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The latest round of funding will support Ockam as it rolls out new functionality for IoT developers.

San Francisco-based software company Ockam recently announced the close of its $4.9m seed round, which the company describes as a “major milestone” in its evolution.

Investors in Ockam’s seed round include Future Ventures, Core Venture Group, Okta Ventures and SGH Capital. The start-up, which has built a suite of products to enable developers and enterprises to unlock new user outcomes with connected devices, was founded in 2017.

According to Ockam, these products make it simple for developers to build scalable connected systems and adopt security best practices, and securely manage identities, cryptographic keys and credentials for entities such as devices, people, assets and services.

In a statement, the company said: “Since inception we have forged our vision for a seamless connected world into a suite of products that democratise secure IoT development.”

IoT development

Ockam said that the funding raised will allow it to increase the pace at which it rolls out new functionality, extending the depth to which it can help builders of IoT systems tackle their complex challenges.

CEO Matthew Gregory said: “Since the very earliest days of Ockam, we’ve consistently and continuously coalesced a community that shares our vision of a seamless connected world.

“We’re grateful for all the support we’ve received from mentors, advisors, customers, partners, analysts and press. The group of investors participating in this round takes the team to the next level.”

Maryanna Saenko of Future Ventures added: “The security challenges associated with IoT are staggering. In Ockam, we recognised a team capable of building a world of connected systems we can actually trust. Their collective knowledge and experience puts them miles ahead in this field.”

Before launching Ockam in 2017, Gregory worked as an ‘intrapreneur’ at Microsoft. According to TechCrunch, he helped lead Azure’s pivot into open-source software and container services. The business was co-founded with Mrinal Wadhwa, who previously held the role of CTO at IOT company Fybr.

Kelly Earley was a journalist with Silicon Republic