Minim, an IoT security platform launched by former Dyn co-founder and CEO Jeremy Hitchcock, announced on Monday it has raised a $2.5 million seed round of funding led by Flybridge Capital Partners and Founder Collective.
Hitchcock, who founded Dyn while at Worcester Polytechnic Institute in 2011, stepped down as CEO in May 2016 and was replaced five months later by Colin Doherty, who sold the company to Oracle one month after becoming its chief executive. Doherty is the current CEO of Fuze.
Minim, an IoT platform whose technology protects connected devices and assures fast Wi-Fi in homes, was established last year by Hitchcock in response to the Mirai DDoS attack, which targeted systems operated by Dyn in October 2016. Ultimately, the cyberattack took down the company and and several major internet services with it.
"As billions of IoT devices enter homes, consumers are sold on the expectations that their smart TVs can stream 4K video and their webcam isn’t spying on them," Hitchcock said in a statement. "Unfortunately, reality can be very different. Meanwhile, as ISPs compete on Wi-Fi quality, support and service, they are wasting an estimated $1.2 billion on sending trucks and care reps to homes because they lack proper remote network visibility. Network care providers need more sophisticated applications to manage complex home networks and offer security solutions. This is what we are developing at Minim."
Currently, the company’s core technology can automatically fingerprint connected devices on home networks and develop a behavioral model of communications, enabling performance optimization and security threat detection, according to Minim.
Headquartered in Manchester, New Hampshire, Minim will use the funding to develop its Wi-Fi management and security platform.
