Minim, an IoT platform whose technology protects connected devices and assures fast WiFi in homes, has announced a USD 2.5 million seed round of funding, led by Flybridge Capital Partners and Founder Collective, the company said.
Minim was established last year by Jeremy Hitchcock, former co-founder and CEO of Dyn (ACQ: Oracle), in response to the massive Mirai DDoS attack that took down Dyn, and several major Internet services with it, in October 2016. The company will use the funding to develop its WiFi management and IoT security platform.
With this funding announcement, Minim is officially launching its connected home management and security solutions, which now include: a mobile app for consumers (available in the iTunes Store and Google Play Store), the Minim Care Portal for ISPs, and the Minim router agent. Minim´s core technology automatically fingerprints connected devices on home networks and dynamically develops a behavioral model of communications, enabling real-time performance optimization and security threat detection. The company is piloting solutions with ISPs and channel partners.
Headquartered in Manchester, New Hampshire, the team is made up of: founder/CEO Jeremy Hitchcock (formerly founder/CEO of Dyn); founder/COO Brian Kline (formerly VP of product at Time Warner Cable); founder/CMO Nicole Hayward (formerly CMO of Antidote and OnSIP); and VP Engineering Alec Rooney (formerly VP Engineering at Adored and Elbrys Networks (ACQ:Cisco)).
Minim´s launch coincides with several new developments in the IoT security space. Gartner has recently estimated that IoT security spending will reach USD 1.5B worldwide in 2018 and IoT connected devices will exceed 20 billion by 2020, doubling every two years. Just last month, the Economist Intelligence Unit (EIU) cited that approximately 90% of consumers surveyed have deep concerns about the security and privacy of their information in their report, What the Internet of Things Means for Consumer Privacy.
Minim is an IoT platform that enables and secures a better connected home. In a world where connected devices have outnumbered people, Minim´s self-learning platform employs Quantum FingerprintingTM and behavioral models to detect threats before they become problems. Founded in 2017, Minim offers apps with usable security for consumers and their care providers to protect connected devices and optimize WiFi performance, to higher customer satisfaction. The company is now partnering with ISPs, care providers, router manufacturers, software developers, and IoT device manufacturers who want to help make home connectivity as safe as drinking water. To learn more, visit www.minim.co.