Sensory Networks, a small engineering Sydney-based team, has secured several million dollars in funding from a range of venture capital firms.
The one-year-old company has received a $2 million investment from local VC Technology Venture Partners (TVP), a similar amount from the Ericsson-Deutsche Technology Fund, and a smaller amount from Allen & Buckeridge to further the development of its IT security technology.
Sensory Networks is a group of four engineers developing a platform for ‘next generation security’ products. It is developing proprietary technology that accelerates the performance of security applications such as firewalls, anti-virus products, intrusion detection systems and content filtering.
Founder, Matt Barrie, said the start-up would use the funding to double its staff and complete the development of its technology. “We were attractive to investors because of our good technical team and great intellectual property,” he said.
Barrie was hesitant to discuss the ins and outs of the technology too much. He said the company wished to remain in “stealth mode” for a little while longer.
What he did say was that the company was developing proprietary hardware technology for network devices. Most security applications relied too much on software, he said, which made it vulnerable to the anomalies in operating systems and other layers.
“Most security devices suffer from poor performance in terms of both throughput and accuracy,” Barrie said. “The traffic generally moves too fast for the device to analyse.”
As a result, the company was working on some hardware innovations such as silicon algorithms to better address security issues.
Barrie was not keen to elaborate further. “We would prefer to keep it a secret from the marketplace,” he said.
He said the company hoped to use its designs to OEM the technology to one or more large networking vendors.