Hub Security, an FPGA-based startup offering cybersecurity solutions, announced today that it had closed a $5 million Series A funding round led by AXA Ventures, with participation from Jerusalem-based investment platform OurCrowd.

Hub Security provides a solution to growing security concerns related to cloud and enterprise organizations struggling to combat rising levels of cyberthreats and attacks.

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The firm says the investment will be used to strengthen Hub Security’s team and expand their technology. The company will also offer enhanced products to fintech companies, focusing on enabling access to credit, corporate banking solutions, cross-border payments, and providing ultra-secure banking solutions.

Increased need for high-level security due to Covid-19

“We believe this round of funding is crucial to helping us continue our mission of providing military-grade level cybersecurity solutions to top cloud, finance, and digital asset management providers,” said Eyal Moshe, Hub Security’s CEO.

He notes that Hub Security’s end-to-end approach to the development and delivery of its hardware and software components ensures the highest level of security throughout the entire product lifecycle, something that’s critical now more than ever in the era of COVID-19.

“We don’t take for granted the trust we’ve seen from investors, especially in the current financial climate,” Moshe added.

Pocket-sized HSM solution

The firm is also building a mini-HSM, which is basically a small hardware wallet with a built-in firewall, EMI shield and tamper-resistant case.

“Hub Security’s miniHSM is the first of its kind to offer a pocket-sized HSM solution, which provides an ultra-secure HSM-to-HSM communication layer built uniquely for cloud, banking, healthcare, and government enterprises with scalable, air-tight security that can support any cloud-based or digital asset,” Moshe explained.

As an FPGA-based HSM, the firm has an innovative approach, according to Moshe.

“This is in sharp contrast to HSMs relying on legacy architecture , where you have to connect your source via PCIe, and depend on the operating system to deliver the data to your application. HUB Security approach  gives very high bandwidth, as well as low latency,” he said.

“I was actively looking for a ‘software-defined’ HSM platform in Israel for the past 12 months and was very pleased when I met Hub Security and learned about their unique offering. We agreed very quickly to partner and invest,” Moshe Raines, Partner at OurCrowd and Labs/02 Managing Partner, noted.