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Frenos Raises $3.88M in Seed Funding to Revolutionize Operational Technology Security Solutions
Frenos, a cybersecurity startup, has launched an AI-native platform to assess the security of autonomous operational technology (OT) in critical infrastructure sectors. Recently, the company raised $3.88 million in seed funding led by DataTribe to accelerate growth and market reach. The platform evaluates and prioritizes security risks, utilizing a digital network twin for detailed threat analysis. Frenos has formed strategic partnerships with prominent cybersecurity firms like Claroty and Palo Alto Networks to enhance its offerings. Industry leaders, including Dragos CEO Robert M. Lee, praise Frenos’s innovative approach, positioning it to significantly impact OT security.
RIIG-HOOTL Secures UAE Funding to Scale AI-Powered Cybersecurity and Health Tech Insurance Solutions
RIIG – HOOTL, a cybersecurity and AI-driven health tech company, has secured significant funding from UAE investors, prompting a rebranding to HOOTL, which stands for “Humans Out of the Loop.” This funding will accelerate product development, establish a UAE office, and strengthen partnerships with local entities. HOOTL aims to enhance insurance processes through advanced AI systems, aligning with the UAE’s digital transformation goals. CEO Denver Riggleman expressed gratitude for the support, highlighting the innovative nature of their solutions in insurance verification and claims adjudication. Engagements with UAE leaders have reinforced HOOTL’s commitment to the region’s healthcare modernization efforts.
Neva Sgr Fuels Phosphorus Cybersecurity’s Growth with Major New Funding Round
Phosphorus Cybersecurity, focused on cybersecurity and device management for the extended Internet of Things (xIoT), has received significant investment from Neva Sgr, the venture capital arm of Italy’s Intesa Sanpaolo Group, through the Neva II Fund. While the investment amount remains undisclosed, it aims to automate security tasks like password updates and firmware patches, enhancing protection against cyberattacks. The funding will also support Phosphorus’s expansion into Italy, leveraging Intesa Sanpaolo’s network. CEO Chris Rouland highlighted the company’s innovative technology, which currently secures interactions with over 1 million device models, driving international growth.
DriveWealth Boosts 24-Hour Trading Capabilities Through Strategic OTC Markets Partnership
DriveWealth, a leading FinTech firm, is enhancing its overnight trading capabilities through a partnership with OTC Markets Group, set to launch in March. This new service will improve order routing by utilizing real-time pricing and liquidity data, facilitating the transition of unexecuted orders to traditional markets as the U.S. pre-market session opens. The collaboration aims to expand global access to NMS securities, particularly benefiting partners in Asia. DriveWealth’s CEO, Michael Blaugrund, emphasized the solution’s convenience for global investors. OTC Markets Group’s platform, MOON ATS, will provide scalability and redundancy, enabling continuous trading opportunities worldwide.
Fana Sparebank Partners with Tietoevry Banking for a Five-Year Digital Transformation Journey
Fana Sparebank has partnered with Tietoevry Banking for a five-year strategic collaboration to modernize its banking operations. The partnership aims to enhance digital capabilities through an integrated technology platform set to launch by April 1, 2025. Key solutions will include core banking systems, payments and card services, and tools for financial crime prevention. This initiative will improve customer experience with expanded mobile and self-service options for better loan management and user-friendly digital interactions. Tietoevry will ensure the new core banking system meets Norway’s regulatory standards, providing high operational reliability and advanced analytics capabilities.
Finovifi Expands Horizons: Acquires Modern Banking Systems and MBS Alabama for Enhanced Financial Solutions
Finovifi, an Alabama-based fintech innovator, has acquired Modern Banking Systems (MBS) of Omaha, enhancing banking technology for community banks in the Southeastern U.S. This acquisition includes MBS’s Alabama distributor, MBSAL, and aims to integrate Finovifi’s AI-driven solutions and APIs with MBS’s platform. Key improvements will focus on compliance, real-time payments, and overall banking capabilities. CEO Mike Cronin expressed pride in the partnership, while Finovifi President Russell Taylor emphasized the opportunity to deliver relevant technology solutions. MBSAL has served the region for over 44 years, and its owner, Russ Smith, will continue to play a crucial role post-acquisition.