Israeli startup Karamba Security, which develops cybersecurity solutions for connected and autonomous vehicles, has closed a $2.5 million financing round. The investmenmt was led by Fontinalis Partners with participation from existing investors YL Ventures and GlenRock.
Karamba Security CEO and co-founder Ami Dotan said, “We're delighted to have Fontinalis Partners as our newest investor. As a fund dedicated to next-generation mobility solutions, they've seen every cybersecurity solution out there. Their investment in Karamba Security is a testament that our solutions, including our newly announced Autonomous Security product suite are best suited to meet the security demands of the industry.”
Entrepreneurs Ami Dotan (CEO), Tal Ben David (VP R&D), David Barzilai (executive chairman), and Asaf Harel (CTO) founded Karamba, which has offices in Hod Hasharon and Ann Arbor, Michigan.
Unlike enterprise and mobile technologies, whose greatest cybersecurity risk is data loss, the risk from a hacked connected or autonomous car is much greater. Carwall, Karamba Security’s software, secures vehicles from cyberattacks by automatically locking down electronic control units (ECUs), according to factory settings. Carwall blocks operations outside of factory settings at the ECU level; hardening the car against hackers that try to compromise the ECU in order to take control of the car’s safety systems, such as brakes and airbags.
Five months after emerging from stealth and raising its first round of financing, Karamba Security has completed technology proofs of concept with several industry Tier-1 providers, and has been experiencing strong demand for its solutions from vehicle OEMs and Tier-1 providers.
"We've been following Karamba Security since its launch,” said Chris Thomas, a founder and partner at Fontinalis Partners, who will join Karamba’s board. “We were impressed to see how successful Karamba Security has been in engaging and creating demand for its products from Tier-1 system providers and vehicle manufacturers. Its approach is the ideal way to harden vehicles against cyberattacks, fulfilling the industry need for preventing hacking attempts with zero false positives and no developer intervention, and we believe there will be consistent demand across the automotive ecosystem for Karamba's approach. In addition to the tremendous traction that Karamba has garnered to date, we are extremely excited about the many additional product announcements taking place over the course of the coming months that will serve to further illustrate Karamba’s ability to protect connected and autonomous vehicles from cyberattacks.”
Published by Globes [online], Israel business news - www.globes-online.com - on September 29, 2016
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