Cologne-based blockchain startup Ubirch raises funding for its IoT cybersecurity solution

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Cologne-based blockchain startup Ubirch develops security solutions for the network industry and the Internet of Things, using encryption and blockchain technology to protect sensitive data. Founded in 2014, the startup has completed its second funding round in the seven-digit euro range.

Consisting of an extremely lightweight client for sensor firmware and the matching cloud backend, Ubirch’s “Blockchain for Things” product enables military-grade data protection to deliver new business models for the IoT. Ubirch is aimed primarily at customers in the industrial, smart cities, insurance, IoT start-ups, energy supply and logistics segments.

The financing round was led by existing shareholder SchneiderGolling & Cie. AG, BAUWENS digital GmbH, and ProInvest Ubirch GbR.

“Cybersecurity is one of the biggest challenges for networking systems in the medical, energy and many other sectors,” said Dr. Rainer Minz, Investor via ProInvest and lontime Senior Partner at BCG. “Ubirch has a compelling and scalable solution for this challenge. We look forward to supporting the continued growth of this innovative digital business model and complementing the circle of investors.”

“The very positive business development since the official launch of Ubirch in 2016 shows that the company’s data security approach can assert itself as a forward-looking alternative to the existing security products in the IoT environment,” said Ralf Schneider, CEO of SchneiderGolling. “We believe that Ubirch’s technological solution is the essential foundation for the future of the Internet of Things. With our renewed financial commitment, we underline this.”

“The Ubirch technology and the team have convinced us,” added Dr. Alexander Reichhuber, Managing Partner at BAUWENS digital. “In terms of Ubirch, I can actually speak of a perfect fit for the business segments of BAUWENS. We are proud to have been part of this investment to help shape forward thinking IoT business models with Ubirch’s promising cybersecurity solution.”