Cybersecurity Funding

Perygee Scores Seed Funding to Tackle IoT Security

Perygee, an early-stage startup with ambitious plans in the enterprise IoT security space, has banked $4.75 million in new seed financing as investors continue to make bets on technology to secure devices outside the traditional corporate network.

Ryan Naraine

October 25, 2022

The company, which maintains corporate headquarters in Boston, said the latest funding was led by Ballistic Ventures and included investments from a roster of prominent cybersecurity executives.

To date, Perygee has raised $6.35 million in funding.

The brainchild of former National Security Agency (NSA) staffer Mollie Breen, Perygee is working on technology to help mid-market organizations manage and secure the infrastructure for elevators, security cameras, gate controls and water sprinkler systems in modern buildings.

[ READ: Microsoft: Firmware Attacks Outpacing Security Investments ]

Unlike some of the heavier and more expensive solutions within the IoT/OT space, Breen said Perygee is pursuing a self-service, pay-as-you-grow model . “This is helping folks like community colleges, local hospitals, and mid-size oil and gas companies who otherwise can’t maintain or afford [existing] solutions.”

In an interview with SecurityWeek, Breen said the Perygee platform can quickly connect with traditional network security tools to help with network mapping, asset visibility, vulnerability management, and early-warning systems for potential compromises.

Breen said the Ballistic Ventures backing gives her company a two-year runway to validate the product with end users and to build out a sales and marketing operation.

As part of the latest financing, Ballistic’s Barmak Meftah will join Peryge’s board, while angel investor John Donovan, CEO of Qudit Investments and former CEO of AT&T Communications, will join as a board advisor.

Written By Ryan Naraine

Ryan Naraine is Editor-at-Large at SecurityWeek and host of the popular Security Conversations podcast series. He is a security community engagement expert who has built programs at major global brands, including Intel Corp., Bishop Fox and GReAT. Ryan is a founding-director of the Security Tinkerers non-profit, an advisor to early-stage entrepreneurs, and a regular speaker at security conferences around the world.

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