Cujo AI, a US artificial intelligence company developing their solutions in Lithuania, has been valued at over $100 million having closed a Series B investment round led by US telecoms giant Charter Communications.
While the exact scale of this investment has not been disclosed, it already constitutes the second largest investment attracted by the company. And following their investment, Charter Communications placed Cujo AI’s estimated value at over $100 million.
This year, Cujo AI plans to recruit dozens of employees in Lithuania, with the funds it has raised going towards the company’s international expansion and further development of the platform.
“All the indicators show that cybersecurity will become an increasingly relevant issue in our everyday life. We believe that with the support of telecom giants such as Charter Communications, we will be able to protect every home in the world from online threats,” said Einaras von Gravrock, co-founder and CEO of Cujo AI, in a press release. “We anticipate active development and so we will continue to invest and to develop in the Lithuanian market – we will invite programmers, data analysts and testers to join the team. We will also pay more attention to training for young professionals in the immediate future.“
The company provides artificial intelligence-based online security solutions to the largest US telecom companies. Its technology recognizes potentially dangerous actions on a home network or on the Internet, and neutralises them, protecting users against viruses, hacker attacks and other cyber threats.
“The solutions developed by Cujo AI will help improve the experience of our customers with their smart homes,” explains Andrew Ipas, Senior Vice-President of Charter Communications for new technologies and innovations, on their decision to invest in Cujo AI. “We will offer them advanced security, privacy and additional home network control capabilities. Our fibre optic network connects customers with what matters to them, and this Cujo AI solution will play an important role in meeting their needs.”
Since its establishment in 2015, the Cujo AI team has grown rapidly to 150 employees. Of these, 100 work in the company’s offices in Vilnius and Kaunas, and these Lithuanian teams employ programmers, testers, cybersecurity and big data specialists. The average salary in the company is over €2,000 per month, and a subsidiary company, UAB Cujo Baltic, was registered in September 2017.
The company also has offices in the USA, Brazil, the United Kingdom and Hungary. Cujo AI solutions are currently being used by 25 million customers around the world.
Growth in Internet of Things security
In recent years, hacker attacks have become a growing problem, prompting greater need for cyber protection. 90% of connected devices collect and store personal user information, but 70% of these are completely unprotected from cyberattacks.
“As the Internet of Things grows, this problem will be even more striking. At the moment, the average household in the United States already has about 20 devices connected to its wireless network. In the houses of technology enthusiasts this number is about 40, and in some households there are as many as 100 devices connected to the network that support various smart home functions. As a result, hacker attacks on households are becoming no less dangerous than on businesses,” said Mr. Gravrock, an American born Lithuanian.
The market for protection systems for Internet of Things devices is forecast to grow by about 55% by 2020, when it will be worth €26 billion. It is estimated that approximately 50 billion devices will be connected to the Internet of Things by that time.
Source: Verslo žinios