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Wheelings & Dealings: GE Ventures Continues Investments in IoT with Mocana

By Michael Guta December 18, 2013

The forecast Cisco has predicted for the Internet of things (IoT) is very optimistic, to say the least. According to the company, by 2020 the IoT market will have a value of $14.4 trillion with 50 billion connected devices. Even if you cut that forecast in half, it is a considerable sum of money, which is why organizations near and far are entering the market. A company that is making sizeable investment in this sector is General Electric and its investing branch GE Ventures, a provider of capital and opportunities for commercialization for entrepreneurs and start-ups.

The latest investment from GE Ventures has gone to Mocana, an expert in device security for wide-scale secure deployments for mobile enterprise and IoT. The company received a total of $15 million, led by GE ventures as well as existing investors Shasta Ventures, Southern Cross Venture Partners, Symantec and Trident Capital.

Last month GE invested $30 million into Quirky as the company continues to expand the connected home devices partnership they began in April. Additionally, GE has been introducing products and services on the data side of the IoT with the launch of 14 new industrial Internet predictive technologies for improving outcomes for aviation, oil and gas, transportation, healthcare and energy in October of this year.

GE’s investment in Mocana is a logical one, because the company provides security solutions for intelligent connected devices for the IoT and Industrial Internet. To address this surge in networked devices, GE will need the expertise of Mocana to ensure that the information being transmitted amongst the billions of connected devices is secure. The authentication, encryption and policy capabilities of the Mocana solution provide security automation in the enterprise that will be needed as GE continues to grow in this field.

"With the increasing proliferation of sensitive data from numerous types of machines and devices, security remains paramount,” said Brett May, Head of Ventures and Business Development, GE Software. “We are impressed with Mocana’s strong management team and their offering, which we believe will help to better secure the technologies and services we are building for our industrial customers."

Mocana security technology is used by more than 300 device manufacturers around the world. The Mocana cryptography engine protects devices across a variety of industries including healthcare with medical devices, consumer electronics and industrial automation. The technology is in five of the top seven Android handset makers as well as some of the most recognized global brands including: Avaya, Cisco, Dell, GE, General Dynamics, Honeywell, Panasonic, and Siemens.

"We are pleased to join GE Ventures’ investment portfolio as one of the companies it believes can make the world work better and more securely, and we appreciate its confidence in our solutions and strategic direction,” said James Isaacs, CEO for Mocana. “This investment will allow Mocana to accelerate key strategic initiatives and cement our position as a security leader." 




Edited by Alisen Downey
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IoTevolutionworld Contributing Writer

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