Israeli automated security platform for IoT and embedded software developer Vdoo today announced that it has extended its Series B financing round by raising an additional $25 million led by Qumra Capital, Verizon Ventures, and others. This brings to $57 million the amount raised in the Series B round and to $70 million the amount raised since the company was founded. The Tel Aviv-based company was founded by CEO Netanel Davidi, president Uri Alter and CTO Asaf Karas.
Davidi said, "Over the last year, we’ve experienced huge market demand from device deployers such as telcos and utilities. These companies are responsible for the security of the millions of devices such as routers, connected home appliances, and smart meters that they deploy to their end-user and customer environment. With Vdoo’s new offering, they can now quickly and easily vet the security and standard compliance of these devices and continue to monitor and protect the devices over the lifecycle of the product. As a result, our newest customers include top U.S. and global telcos and additional utilities players globally. We are happy to announce this round after receiving strong market validation, and we are thankful we were able to grow significantly in these challenging times."
Vdoo's automated product security platform for device manufacturers and deployers performs a complete security assessment in minutes, providing a comprehensive report identifying zero-day vulnerabilities, CVEs, configuration and hardening issues, standard incompliances, and other security exposures with suggested prioritization and remediation mechanisms.
"The world’s top device manufacturers and deployers choose to work with Vdoo because they recognize the importance of securing their products," said Davidi. "They’re leveraging the Vdoo platform to analyze their security and standards posture before deployment, and then continue to protect their devices through the end of product life. Our customers include dozens of Fortune 500 companies across every industry, geography, and type of connected product, such as automotive, industrial, medical, smart buildings, and now also telcos and utilities."
"The number of connected IoT devices is rapidly growing, creating greater opportunities for security breaches," said Boaz Dinte, Managing Partner of Qumra Capital that led the round. "Vdoo's unique device-centric, deep technology automated approach has already brought immediate value to vendors in a very short period of time. We believe the market opportunity is huge, and with newly infused growth capital, Vdoo is well-positioned to become the leading global player for securing connected devices."
Published by Globes, Israel business news - en.globes.co.il - on January 13, 2021
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