$500,000 investment takes new Internet security service to market.
FREDERICTON, NB, Feb. 10, 2014 /CNW/ - Every year, Malware affects more
than 95% of the world's Global 5000 enterprises costing the global
economy approximately $1 trillion. Today, the New Brunswick Innovation
Foundation (NBIF) and Technology Ventures Corporation announced venture
capital investments of $250,000 each in Ara Labs Security Solutions.
The company's software-as-a-service technology detects, reports and
mediates malware and botnet activity across the Internet in real-time.
The majority of viruses, malware and botnets are designed for criminal
activities, for example, the theft of private information, money and
What is unique about Ara Labs' solution is its ability to detect
infections without internal access to an organization's network.
Instead, Ara Labs scans the Internet to detect and pinpoint both the IP
address and geographical location of a botnet or malware infected
computer with immediate effect.
"When Ara Labs first pitched their business to us back in August 2013,
we could see the desirability of their system immediately, especially
considering the enormous amount of Internet fraud perpetrated every
year, and how it hits the bottom line of some of the world's largest
corporations," says NBIF chair Robert Hatheway, "since then, we've been
working with the company to raise the capital it needs to get its
product to market and put to use immediately."
Ara Labs is working with a number of Fortune 500 companies and Internet
service providers (ISPs) already, and in January 2014 signed a deal
with the Government of New Brunswick to make it the first botnet and
malware secure jurisdiction in Canada.
"ISPs have a responsibility to inform their subscribers when their IP
addresses are infected and controlled by malware," says Ara Labs CEO
and Dean of Computer Science at the University of New Brunswick Dr. Ali
Ghorbani, "our solution sits objectively and remotely separate from the
customer network to monitor suspicious network activity across the
internet in a way that provides previously undetected threat
Ara Labs Security Solutions was founded by Hadi Shiravi (CTO), Ehsan
Mokhtari and Ali Shiravi, all PhD candidates in Computer Science at
UNB, specializing in network security. Dr. Ali Ghorbani, is also a
The New Brunswick Innovation Foundation (NBIF) is an independent, not-for-profit corporation that invests in new
growth-oriented companies and applied research activities. With over
$120 million under management, plus $275 million leveraged from other
sources, NBIF has helped to create over 50 companies and fund 350
applied research projects since its inception in 2003. All of NBIF's
investment returns go back into the Foundation to be re-invested in
other new companies and research initiatives.
About Technology Ventures Corporation:
Technology Venture Corporation is a private venture capital and
investment holding company headquartered in Moncton, New Brunswick. The
focus of the fund is exclusively in the four Atlantic Canadian
Provinces and investments are primarily focused on technology
companies. Investment structures are not pre-determined and can take
the form of straight debt, convertible debt, common or preferred
equity, or any combination thereof.
Image with caption: "Computer science veteran Dr. Ali Ghorbani's new company Ara Labs Security Solutions patented technology scans the Internet to detect, alert and mediate malware and botnet activity for private networks and Internet Service Providers. (CNW Group/New Brunswick Innovation Foundation)". Image available at: http://photos.newswire.ca/images/download/20140210_C8784_PHOTO_EN_36491.jpg
SOURCE: New Brunswick Innovation Foundation
For further information:
Director, Marketing & Communications
Dr. Ali Ghorbani
Ara Labs Security Solutions