Neura, the ethical personalization service for the Internet of Things based in Israeli, has raised a $11 million Series A. The funding round was lead by AXA Strategic Ventures and Pitango Venture Capital involving Liberty Israel Venture Fund and Lenovo Group.
The Series A round will allow Neura to promote its business potential. The funds will be used to extend Neura’s business reach making the service ubiquitous.
“Neura’s technology represents an exciting development within the Internet of Things – a big step towards a world where devices not only connect to each other, but adapt themselves to users and their habits,” notes Peter D. Hortensius, CTO of Lenovo group. “Neura’s emphasis on gaining and keeping users’ trust is beneficial to the entire technology industry.”
Neura was founded in 2013 by a Silicon Valley-located accelerator UpWest Labs. Bringing context to the Internet of Things, the Israeli startup analyzes human behavior from interaction between people and technology, turning habits and actions into insights. Neura’s ethical model for information sharing maintains complete and irrevocable user control over data usage permissions and privacy, benefitting both consumers and technology companies that choose to be user-centric, not selling personal data behind users’ backs, reads the PE Hub Network.
“Currently data only serves the interest of major corporations,” stated Neura CEO Gilad Meiri. “The actual generators of data, the users, have no say in what impact this data has on their life. Customer data is bought and sold on the common market and the lack of transparency in the current system is troubling. We have built our platform on a foundation of transparency and a commitment to making personal data work for the sake of users. We are building the engine that can make smart technology smarter without sacrificing the trust of our users.”
The world Internet of Things industry is expected to be worth $11.1 trillion by 2025, according to analysis by McKinsey. However, security keeps being the main issue. So, the Next Web states that in 2016 we’re going to see really secure IoT products. According to a report, seventy-one percent of consumers fear their personal information may get stolen by using smart home products.
In fact, consumers say they are more worried about this than they are about the cost of the technology. In 2016, IoT companies will be forced to increase security features to ensure users’ private information is safer than ever before, as the world is becoming increasingly connected.