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Corellium Lands $25 Million Investment for Virtualization Tech

Fresh off a high-profile legal triumph over Apple, virtualization technology startup Corellium is now enjoying the attention of investors with Paladin Capital Group leading a $25 million funding round.

Corellium, a Florida-based company with its roots in the iPhone jailbreaking community, said the $25 million Series A also included investments from Cisco investments and other strategic investors.

Corellium LogoThe money comes exactly a year after a federal judge dismissed Apple’s copyright lawsuit against Corellium and the two sides reached a settlement on another matter related to alleged DMCA (Digital Millennium Copyright Act) violations. Apple is currently appealing the copyright infringement ruling.

While the company is most known for its impressive iOS emulator, Corellium chief executive Amanda Gorton said there’s a massive untapped market for virtualization and software modeling technology on Arm-based mobile and IoT devices.

In an interview, Gorton said Corellium’s modeling of IoT devices (think smart speakers or home camera systems) is being used to create precise replicas of physical devices for R&D, code testing and security research. 

She said Corellium is specifically angling towards the IoT space where billions of Arm-powered physical devices have become a pervasive part of everyday life.

[ READ: Apple Loses Copyright Suit Against Security Startup ]

Corellium and its investors are betting on a burgeoning market for virtualization technology to facilitate R&D activity, security research and DevSecOps testing in the Arm ecosystem.

“Corellium’s Arm-native cloud platform enables developer and security teams to run highly accurate, scalable, and performant full-stack virtual models of mobile apps, OS firmware, and device hardware,” the company said in a note announcing the investment. 

Because the models run natively on Arm, Gorton said developers can run production code with native-like speed without making changes.  “[The] virtual environment vastly improves and accelerates end-to-end development, testing, and security acceptance lifecycles.”

Paladin Capital Group managing director Mourad Yesayan said the Corellium bet was based on an obvious untapped market for effective full-stack system testing technology.

“In a world of increasing security threats, malware attacks, and dynamic security regulations, effective full-stack system testing -- apps, firmware, and hardware -- is more critical and complex than ever,”  Yesayan added. “Corellium provides the tools [to DevSecOps teams] in a scalable, repeatable, high-performance, high-accuracy, and cost-effective solution.”

Along with the funding, Corellium also announced the addition of former Citrix chief executive Mark Templeton to its board of directors.  

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Ryan Naraine is Editor-at-Large at SecurityWeek and host of the popular Security Conversations podcast series. He is a journalist and cybersecurity strategist with more than 20 years experience covering IT security and technology trends. Ryan has built security engagement programs at major global brands, including Intel Corp., Bishop Fox and Kaspersky GReAT. He is a co-founder of Threatpost and the global SAS conference series. Ryan's career as a journalist includes bylines at major technology publications including Ziff Davis eWEEK, CBS Interactive's ZDNet, PCMag and PC World. Ryan is a director of the Security Tinkerers non-profit, and a regular speaker at security conferences around the world. Follow Ryan on Twitter @ryanaraine.