Israeli IoT cybersecurity company VDOO Connected Trust Ltd. today announced it has raised $32 million in Series B financing round led by WRVI Capital and GGV Capital, with participation from NTT DOCOMO, MS&AD Ventures, and strategic investors Avigdor Willenz and David Strohm. This round brings the company’s total funding to $45 million.
The funding will enable VDOO, which pioneers security automation for embedded devices, to increase market adoption of its IoT security platform while also expanding its technical capabilities. The company aims to become the industry’s first end-to-end security solution for embedded devices of any type.
The Tel Aviv-based company was founded by co-CEO Netanel Davidi, co-CEO Uri Alter and VP security Asaf Karas.
Davidi said, “At a time when embedded devices already deployed in the field not only collect data but actually control our physical environment, affecting both business operations and our personal lives, it’s hard to imagine a future where all of these devices can be exploited. The reality is that devices are highly vulnerable and there is a reasonable chance they will be under a massive attack in the near future. Our vision is to make them more secure as we continue to build an automated security platform that meets the demands of an increasingly connected world. Corporations, standardization bodies, regulators and cyber insurers all understand that it's time for a change and that security for the connected environment is essential. The funding will enable us to accelerate market education by working closely with these bodies to make a significant change in approach to embedded-devices security."
The funds will be used to accelerate product innovation in the form of a comprehensive set of automated analysis capabilities including zero-day vulnerabilities detection, that enable device vendors to implement unprecedented security level at scale, both for new and legacy devices.
The round will also fuel the expansion of a rapidly growing partner and distribution network, which already includes NTT, Macnica, DNP and Fujisoft in Japan. VDOO’s partners help IoT makers easily secure their devices, address their customers security expectations, and comply with emerging IoT regulatory actions and industry standards.
Published by Globes, Israel business news - en.globes.co.il - on April 24, 2019
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