On Friday, Octopus, a Tel Aviv-based physical security startup has raised $2.5 million in a funding round led by Singulariteam.
Founded in 2013 by Tal Bar Or and Baruch Tagori, Octopus is a software company that aims to create new variety of smart agile, easy to install command and control software system. It offers the industry’s only complete cloud-enabled security management and a mobile app that control the native capabilities of smart phones and tablets to streamline with the software system.
Octopus’ security systems allows big organizations like airports, factories, hospitals and commercial buildings to be monitored from a web or mobile app. It has cloud-based system that analyses data in real-time from sources that includes video surveillance tapes, traffic reports, social media keywords and fire alarms so that the emergency situations can be dealt with as early as possible.
The startup plans to use the new fund to expand globally in USA and Asia. For its expansion plans in China, two giant companies Tencent and Renren, which are Singulariteam backers, would help the company. Already, Government of Isreal, 28 Coco-Cola factories, VISA and three national banks use the products of Octopus.
Despite of its unique niche, Octopus is not free from competitors. Tech firms like Cisco, Nice Systems and Siemens makes tech-based physical security systems. But the advantage of the startup lies in the fully deployed and tested cloud-based system and its focus on cybersecurity. The Octopus’ products could be easily integrated with the companies already prevailing systems with the SDK, which serve as an added advantage to the company.
“Three years ago, what we are doing now was science fiction to customers. Now we are giving users a very easy-to-deploy system,” says Bal Or. He also added, “It’s cost is lower for clients because we are doing it on the cloud, so they are saving on IT personnel, hardware and have more ability and all the know-how of Israeli security in the brain of Octopus.”