US-based cybersecurity technology company Rubicon Labs enlisted cloud services provider Akamai Technologies for a previously announced series A round, which it has now closed at $11.7m.
The round, initially disclosed last month, also included venture capital firm Pelion Venture Partners and Third Point Ventures, the investment arm of financial advisor Third Point Ventures.
Founded by ex-employees of electronics producer Apple and semiconductor maker Broadcom, Rubicon develops secure communication technology for data centres and internet of things (IoT) products.
The new funds will be used to expand marketing and sales operations, and to support research and development group at Rubicon’s Austin headquarters. Rubicon has now raised $12.9m in total.
Stephen Ludin, Akamai’s chief architect, said: “Akamai invested in Rubicon because it has the unique capability to make encryption keys invisible so that authorised users and potential hackers alike have no knowledge of what they are.
“The explosive growth of connected IoT devices has created the greatest vulnerability in the attack surface we’ve seen in recent years, and our experience tells us that legacy secure communications protocols are largely ineffective.”