PAI Security inc. | Application Preview
PAI Security Inc. is seeking government grants to enhance its operations and workforce. The funding will be primarily allocated to convert a current contractor to a full-time position, recruit additional software developers and marketing staff, and cover expenses for conferences, testing supplies, and marketing initiatives.
The business plan includes starting beta testing within a month, collaborating with three companies for practical trials of its Internet of Things (IoT) device security software. Initially focused on small to medium-sized businesses, PAI Security aims to expand into larger markets and eventually the consumer space within two years. The company plans to continuously improve its product based on customer feedback and intends to build a personal security platform that empowers users to manage their security needs.
The rationale for funding approval highlights the increasing instances of IoT device hacks, fueled by a rapid rise in connected devices that often lack robust security. Many devices are not designed with security in mind, and users frequently do not alter factory-set passwords, creating vulnerabilities. PAI Security's solution, Network.IOT, allows centralized management of multiple devices, enhancing security while simplifying password management.
Their pricing strategy involves a subscription model based on the number of devices protected. As the user base expands, PAI Security will collect data on device usage without compromising privacy. The company’s competitive advantages include copyright on its software, being first to market, and strong industry connections.
While facing competition from other companies focusing on network segmentation and compromise detection, PAI Security distinguishes itself by not only securing the network but also hardening individual devices. This dual approach targets businesses initially, with plans to transition to consumer markets later.
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General Information
Business Registration Number: 85-2198370
Location: Corvallis, OR, United States
Length of Operation: Less than 1
Number of Employees:
Annual Gross Income:
Annual Gross Expense:
Open to Loans: NO
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Funding Usage
This funding will go to bumping our current independent contractor to full time, to hire more independent contractors/employees for software programing, and to hire new employees that will do marketing for the company. On top of that, we will be able to pay for entry to conferences, to buy new testing supplies for the software, and to market out our software service.
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Business Plan
Let me put out a rough outline. In about a month we will be able to start beta testing. We have about 3 legitimate companies that will be beta testing our software in their offices and workspaces. In the short term we plan on selling IOT device security software to small-medium size companies, eventually moving into larger companies. After we have created a strong, reputable, brand presence for ourselves, we plan to move into the consumer space. We foresee us moving into the B2B market in about 5 months, and the B2C market in about 2 years. As we continue to grow our customer base, we will continue iterating the product and constantly improving it. As it is improved, we plan to add new features that customers ask for, and optimize the security of our software even more. As we grow we will hire more programmers and marketers in order to improve our product(s) and build our brand presence even stronger. We have a vision and a mission to build this product into a personal security platform that allows the user (individual or organization) to take control of their security needs while having a trusted, experienced, and professional security brand to back them up. As time passes we will decide on our company exit, if we want to have an IPO or to just sell/merge it. We hope to have the opportunity to merge or acquire other organizations that will help our cause and provide value to our company. In the last 3 years there has been an increasing number of internet of things device hacks. As more connected devices are being sold on the market, and the adoption rate is growing at a high pace, most devices are already ‘smart’ devices. This technological and societal trend brings along with it new challenges, such as privacy, security, and data collection. All of these devices are prone to flaws and leaks, and there have been a large amount of hacks that have hit mainstream media. There are examples in both private industry and in the public sphere. Within the private industry there are many examples of employees setting up internet connected devices, either their own or the company’s, connected to the company’s network, thus creating holes within the network. However, in the public, the problem is significantly worse, as it stems from a few factors. The devices themselves are not security oriented, the few ones that are, cost hundreds more. Even if the devices have some decent basic security settings, the overwhelming majority of the public are not security savvy to enable those settings. The majority of the current IOT devices do not even have their basic passwords changed from factory settings, allowing anyone with beginner software skills to look up the passwords for each device. It is becoming increasingly easier to implement Internet of things capability to many devices, allowing for a surge of IOT devices into the market, even from cheaper manufacturers. On a side note, we once bought a smart doorbell from China, and when we connected it to one of our phones, it requested access to the phone’s photos, contacts, certain apps, and other private data, on top of requiring access to the wifi, and bluetooth connection to the phone. Why would a doorbell need access to your contacts, photos, other apps, and other private data? We bought a camera for one of our pitches, and were able to find 2 flaws within 3 hours of testing it. Many of the devices require you to make accounts Network.IOT allows the admin to secure a large number of devices from a single workstation while also securing the network and changing passwords before attacks happen. This is our pricing strategy: We are planning to launch a subscription based service based on the amount of devices in the user’s home/office. As our subscriber base grows, we will hold a lot of data on the types of devices our users have, the amount of traffic/uses on those devices, amount of data processed, and how often the devices are used. We can gain this information without compromising the user’s private information. This is our defensible position: Copyright on our code. First to market We have developed relationships with Newfathom IT, Juan Renaud (manager of it at Legacy Research institute), Diane Fraiman, OSU Accelerator Program, Josh Cook (IT manager, Bluestone and Hockley), Hugh Mackworth, Dale McCauley, and Julaine Brands
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Self Identified Competition
Current solutions include cyberx, fingbox, senr.io, and forescout. Most of these solutions are targeting mid sized to large corporations (B2B). They are more focused on segmenting the network and detecting if a device is compromised, rather than protecting the devices themselves, because IOT devices are very diverse and hard to individually secure. PAI not only works on segmenting and protecting the network, detecting when devices are infected and analyzing network traffic, we also security harden the devices themselves. We are initially planning to target businesses and then eventually will move to consumer and households.
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