AXA Ventures, the venture capital arm of insurance firm Axa, has led a Series A financing round for military-grade cybersecurity solutions provider Hub Security.

AXA was joined by Jerusalem-based OurCrowd in the $5m fundraising.

Hub Security plans to use the fresh funds to enhance its technology offering and support access to credit, corporate banking solutions, cross-border payments as well as ultra-secure banking solutions.

It also intends to use the infusion for strengthening its team.

Commenting on the latest fundraising, Hub Security CEO Eyal Moshe said: “We believe this round of funding is crucial to helping us continue our mission of providing military-grade level cybersecurity solutions to top cloud, finance, and digital asset management providers.

“Hub Security’s end-to-end approach to the development and delivery of its hardware and software components ensures the highest level of security throughout the entire product lifecycle –– something that’s critical now more than ever in the era of COVID-19.”

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Hub Security offers HSM and key management solutions for fintech, cloud and blockchain security.

Its offerings include ultra-secure internal signing and authorisation flows with a multi-signature vault, hardware firewall and an AI-learning system to combat cyberattacks.

Earlier this year, the firm teamed up with Seagate Technology as part of its new LyveTM Labs.