Shift5 is an Arlington-based cybersecurity startup It raised $ 20 million in Series A funding to expand the capabilities of the security platform.
The funding round is led by 645 Ventures and the total funding raised by the startup is $ 22.5 million. Squadra Ventures, General Advance and First In also took part in the round. Nnamdi Okike, one of the founders and chief partner of 645 Ventures, said about the company’s participation in the round:
“Shift5 represents the best that the 645 seeks in an investment: a team of highly talented, driven and experienced people to solve the critical and growing problem that builds a different technology company. The challenge of controlling and securing commercial and government fleets, vehicles and systems against cyberattack and malfunction is one of the most important in cybersecurity today. It’s exciting to work with them as they grow their business. ”
Founded in 2019, Shift5 is run by a team of cybersecurity experts, and its founders must be members of the U.S. Army Cyber Command. The startup was created with the mission of developing operational technology (OT) solutions to protect the growing number of cyberattacks that protect critical infrastructure such as planes, trains and tanks.
The startup has seen rapid growth in recent years as governments around the world began to improve old OT solutions to protect them from increasingly hostile cyberspace. Joe Lea, president of Shift5, said:
“When we talk about advocating for OT for transportation infrastructure assets, it’s understood that the margin for error is small. Shift5’s roots in military space were these bets from the beginning. These standards allow us to work with partners with similar ideas in the federal space. “Our discussions are similar: transport is an infrastructure that promotes global economic performance, is trusted by millions of people every day, and defends the nation; it is unacceptable to have the capacity to defend it.”
According to some reports, The cost of global cybercrime in 2021 is expected to be $ 6 trillion, making this crime one of the biggest threats in the world today. High-level cyberattacks like the one suffered by the Colonial Pipeline become commonplace in May, cybersecurity Companies like Shift5 are expected to become increasingly important.