Automotive and IoT security firm Karamba Security has secured $10m in extra funding from an extended Series B round.
The investment round was led by VinFast and also saw participation from SVIC, YL Ventures, Fontinalis Partners, Presidio Ventures, Glenrock, Paladin Group, Asgent and Liberty Mutual. Following this raise, this brings the total invested in Karamba to $27m.
According to Karamba, investors in the round were motivated by its strong customer base and leadership in IoT and automotive security.
Founded in 2016, Karamba is focused of securing the entire lifecycle of a device without interference of supply chain processes or R&D. The company has locations in Israel, Germany and the US.
Karamba intends to use the newly raised capital to speed up development of its product roadmap to meet customer demands to comply with newly created regulations.
Karamba CEO and co-founder Ami Dotan said, “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. 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.”
VinFast deputy CEO Pham Thuy Linh added, “Based on our view of the market and extensive technical evaluation, witnessing first-hand Karamba’s core technology and learning from other OEMs, we see how well-positioned Karamba is to help our companies leapfrog ahead on their paths to cybersecurity. We are particularly impressed with their product leadership and customer traction.
“In addition, they can help us–as well as other OEMs and IoT device manufacturers–to comply with the new cybersecurity regulations, such as UN and ISO/SAE automotive cybersecurity requirements and the U.S. Executive Order for Cybersecurity, something that is essential for our expansion plans into the European and U.S. markets.”
Copyright © 2021 FinTech Global