Karamba Security, an Israel-based security startup that focuses on the IoT and automotive industry, today announced a $10 million extension to its $12 million Series B round from 2017. This extension was led by automotive startup VinFast, a member of Vietnam’s Vingroup conglomerate, which itself is reportedly looking to raise $1 billion for VinFast.
South Korea’s Samsung Venture Investment (SVIC) also participated, in addition to existing investors YL Ventures, Fontinalis Partners, Liberty Mutual, Presidio Ventures, Glenrock, Paladin Group and Asgen. This round brings the company’s total funding to $27 million.
“National and individual risks of cyberattacks on IoT devices and connected vehicles have driven strong regulatory requirements,” said Ami Dotan, Karamba co-founder and CEO. “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.”
Karamba Security’s XGuard. Imahe Credits: Karamba Security
Given this need from the IoT and especially the automotive industry it’s probably no surprise that an organization like VinFast was interested in investing in the company. Since its launch, Karamba has focused on providing a security solution that can protect a device throughout its entire lifecycle, without disrupting a company’s R&D and supply chain processes.
Karamba, which recently launched its cloud-based incident analysis service, says it currently has 80 “successful engagements” with Fortune 500 companies. One of its largest recent engagements involved securing a fleet of 800,000 units in more than 100 countries.
“Based on our view of the market and extensive technical evaluation, witnessing firsthand 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,” said VinFast deputy CEO, Ms. Pham Thuy Linh.