The cybersecurity specialist Karamba Security is looking to expand after bringing in $10 million in funding. The Israeli start-up has brought in a total of $27 million since it was established in 2016, and plans to use the funds to grow its client base in North America, Asia, and Europe, and to advance the development of its Machine Learning (ML) software security platform.
In that regard, the Karamba solution is designed to protect IoT devices from cyberattacks. The company’s ML software analyzes cloud data to watch for code that is attempting to execute a function remotely, and can step in to thwart that code if it detects a threat. The solution can also be used during development to review the code being used in a specific product, which allows manufacturers to spot potential vulnerabilities before they become a problem. It can then be embedded on-device to provide ongoing monitoring once a product hits the market.
The improved version of the ML platform (realized with the new investment backing) will offer better response times and response suggestions, and be better at identifying rogue units connected to a larger network. Those new features will be introduced in early 2022.
Karamba’s solution can be installed on virtually any IoT device, though it is expected to be particularly popular in the automotive sector, where it can be used to protect the control units in connected vehicles. Car manufacturers make up roughly half of the company’s current client base, which includes major players like Denso and Stellantis. Other high-profile clients include Hitachi and Seagate, which are using Karamba’s tech to protect CCTV cameras and supply chain vulnerabilities, respectively.
According to Karamba, its ML solution is unique because it provides full end-to-end coverage from development all the way through to launch. The company also claimed that developers do not need to alter the R&D of their own products to accommodate Karamba’s software, which makes the solution more accessible and further distinguishes it from its competitors.
The recent funding round was led by VinFast, with additional contributions from YL Ventures, Fontinalis Partners, Liberty Mutual, Presidio Ventures, Glenrock, Paladin Group, Asgent, and Samsung’s SVIC venture division. Karamba believes that new cybersecurity and automobile security regulations will increase the demand for its products moving forward.