“Internet of things” security startup Karamba Security Ltd. today announced that it has raised $10 million in new funding to accelerate the development of its product roadmap.

Vietnamese automotive maker VinFast led the extension of Karamba’s Series B round, the round having been initially raised in 2017. Also participating in the extended funding round was SVIC, YL Ventures, Fontinalis Partners, Liberty Mutual, Presidio Ventures, Glenrock, Paladin Group and Asgent.

Including the extended Series B round, Karamba has raised $27 million to date.

Founded in 2016 with officers in Israel, Michigan and Japan, Karamba initially focused on connected vehicle security but has since extended into broader IoT security offerings. The company provides cybersecurity solutions that secure the device’s entire lifecycle without interfering in research and development or supply chain processes.

Karamba claims that its seamless IoT security enables automotive original equipment manufacturers and suppliers, as well IoT device manufacturers, to comply with industry regulations and differentiate their offerings without imposing costly changes on their product development schedules or requiring changes to legacy modules they use.

Traditional cybersecurity products such as antivirus and endpoint detection and response don’t work with most connected devices, so connected devices must embed cybersecurity capabilities in their software. That’s where Karamba steps in. By embedding cybersecurity measures into connected devices, the devices can deterministically self-protect against attacks without relying on frequent updates or connectivity.

Karamba’s runtime integrity software seamlessly integrates with the device’s development lifecycle without changing development processes. Karamba’s software performs continuous integrity checks, enabling the device to be protected against deviations from the device’s factory settings and assuring software integrity.

The company’s recently launched cloud-based incident analysis has been getting strong market traction, including securing and monitoring a fleet of 800,000 units in more than 100 countries around the globe.

“National and individual risks of cyberattacks on IoT devices and connected vehicles have driven strong regulatory requirements,” Ami Dotan, Karamba’s co-founder and chief executive officer, said in a statement. “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.”

Some of those regulatory requirements include newly created regulations such as UN R155 and ISO 21434 for automotive cybersecurity and the U.S. Executive Order on Improving the Nation’s Cybersecurity.   

Karamba has seen strong growth, including more than 80 successful engagements with Fortune 500 companies. Notable customers include VinFast, Hitachi Ltd., Micron Techology Inc., Denso Corp., Sysgo GmbH, Stanley Black & Decker Inc. and Xilinx Inc.

Photo: Karamba Security