Another $10 million has been raised by Karamba Security, an Israel-based company that provides products and services for securing industrial, automotive, enterprise and consumer IoT systems.
The funding round is an extension to the Series B funding announced several years ago, and it brings the total raised by Karamba to $27 million. It announced another $10 million in funding in 2018, but the company says that was only a credit line that it did not use.
The latest investment was led by Vietnamese carmaker VinFast, with participation from SVIC — the global investment arm of Samsung — and existing investors YL ventures, Fontinalis Partners, Liberty Mutual, Presidio Ventures, Glenrock, Paladin Group and Asgent.
Karamba says the funding will be used to accelerate product development to meet customer demands for compliance with new regulations related to automotive and national cybersecurity.
Karamba emerged from stealth in 2016 and at the time it specialized in security solutions for connected cars. It has now expanded to more types of connected devices, including industrial systems, enterprise edge devices, and consumer IoT.
The company says it can protect connected devices throughout their lifecycle without requiring any hardware changes. During the development phase, Karamba helps organizations review the design of their product to find security gaps, and its binary analysis software automatically scans product binaries for vulnerabilities.
In the production phase, Karamba provides a seamlessly embedded agent that enables devices to deterministically prevent attacks. The company also provides a continuous visibility product that monitors the behavior of a device for signs of an attack.
“National and individual risks of cyberattacks on IoT devices and connected vehicles have driven strong regulatory requirements. IoT device manufacturers and automotive OEMs are in an urgent need to comply with such regulations, without changing R&D processes, delaying time to market, or increasing product manufacturing costs,” said Ami Dotan, Karamba co-founder and CEO.
“Karamba’s one-stop-shop offering of products and services has driven strong market traction of such OEMs and IoT device manufacturers, who are attracted to Karamba’s seamless security throughout the device lifecycle,” said Dotan.
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