VentureClash provides early-stage companies worldwide with an opportunity to grow their business in Connecticut. The goal is to help speed Digital Health, FinTech, InsurTech and Internet of Things (IoT) innovations to market by awarding capital to promising early-stage companies.
At the $5 million pitch competition, early-stage companies are joined by experts, investors, entrepreneurs, customers, and educators where finalists will pitch to a panel of judges. With the recognition that it takes more than money to succeed, competitors also receive access to a critical network of customers, investors, mentors, and talent.
SCADAfence Co-Founder & CEO Yoni Shohet explained why he feels Connecticut is a good fit for his IoT company.
INNOVATION DESTINATION HARTFORD: Tell us about your company and the products it provides.
YONI SHOHET: SCADAfence is a pioneer in securing industrial networks in the smart manufacturing and critical infrastructure sectors from cyber threats.
As part of the Industrial IoT Revolution, industrial companies are adopting advanced technologies and, while these technologies increase productivity and reduce costs, they expose mission-critical systems to new risks, such as operational downtime, product manipulation, ransomware attacks and theft of sensitive proprietary information.
SCADAfence offers passive solutions for operational technology (OT) environments such as industrial control systems (ICS) and supervisory control and data acquisition (SCADA) networks. Our solutions are designed to provide visibility of day-to-day operations, detection of malicious cyber-attacks as well as non-malicious operational threats, and risk management tools—without risking production environment availability.
IDH: Why do you feel it is important for your company to have a U.S. presence?
YS: The United States is an important manufacturing hub with many major manufacturers. Therefore, SCADAfence has focused and will focus great efforts in the U.S. market.
IDH: What challenges do international businesses face when trying to establish a presence in the United States? Why is Connecticut a good fit?
YS: For an international business to establish a presence in the United States, it’s critical to be located near your customer base. Connecticut provides great access to our customer base.
IDH: What do you hope to gain from the experience of participating in VentureClash?
YS: I hope to further expand my network and gain good connections that will help us expand our activity in the United States.
Learn about other VentureClash 2017 finalists:
- FRISS: InsurTech Startup from The Netherlands is a VentureClash Finalist
- Telespec: Canadian IoT Startup is a VentureClash Finalist
Managed by Connecticut Innovations, VentureClash is Connecticut’s global venture challenge focused on early-stage companies. The challenge, launched in 2016, identifies high-potential companies in digital health, IoT, InsureTech and FinTech that will compete for investments from a $5 million award pool. Visit www.ventureclash.com to learn about qualifications, requirements, guidelines, and how to apply.
About Connecticut Innovations
Connecticut Innovations provides venture capital and strategic support for innovative, early-stage technology companies; financial support for innovation and collaboration; and connections to its well-established network of partners and professionals. For more information, visit www.ctinnovations.com or read our interview with Connecticut Innovations CEO Matt McCooe.