NXM Labs Inc., an autonomous security and data integrity company headquartered in San Francisco with R&D facilities in Toronto, announced the close of its pre-Series A US funding to commercialize its award-winning NXM SecureSuite software platform that enables connected devices and systems to manage their own security, delivering unprecedented data integrity and resilience against hackers, including future quantum computer attacks.
Autonomous Security (AS) is based on the principle of fully automated devices and systems that manage their own security and data protection without human intervention. Fully scalable and trustworthy, AS systems provide unparalleled security, data integrity and analytics capabilities.
The first commercial deployment of the company’s technology, which can be applied to virtually any application, will be a connected vehicle solution developed with Sprint that delivers secure, high-speed passenger Wi-Fi to pre-owned vehicles that can reach 5G speeds. Dubbed the NXM Wave, it will be available from select US auto dealerships beginning this quarter.
“Autonomous security is the key to deploying the billions of connected devices that industry analysts are predicting in coming years,” said Scott Rankine, Co-founder and CEO, NXM Labs. “Our software enables devices to manage their own security, eliminating ‘man-in-the-middle’ and other types of attacks that increasingly put our personal and national security at risk. NXM ensures the trustworthiness of devices and the data they produce, providing advanced analytics capabilities and protection of private, confidential information that conforms to all international standards.”
According to Frost & Sullivan, the IoT industry is on track to be one of the fastest moving technology sectors in history, growing from 19 billion devices in 2018 to over 60 billion devices in 2024, generating nearly US $1 trillion in new business spending.
“The overall IoT industry is on the verge of a major transformation that leverages the evolution of cellular service, cryptography and blockchain,” said Vikrant Gandhi, Director of Research, IoT and Digital Transformation at Frost & Sullivan. “The industry is in the midst of a long-anticipated leap from traditional enterprise security models involving centralized methods to where humans are completely removed from security management.”
Investors in NXM Labs include VCs, family offices and high net worth individuals. The financing was managed by Cedarpoint Investments Inc. Mr. Posluns, Managing Director of Cedarpoint, has joined the company’s Board of Directors.
“The main thing standing in the way of significant IoT deployment growth is scalable security and trust. NXM Labs has developed an award-winning platform that addresses this problem head on,” added Posluns. “We are excited about the progress the company has achieved in such a short period of time.”