Karamba Security Raises $10M for IoT and Automotive Security

Karamba Security Secures $10 Million Funding Extension

Karamba Security, a security startup originating from Israel and specializing in the Internet of Things (IoT) and automotive sectors, has announced a $10 million extension to its Series B funding round. The initial $12 million was raised in 2017.

This extension was spearheaded by VinFast, an automotive startup and a component of Vietnam’s Vingroup conglomerate. Reports indicate that Vingroup is currently seeking $1 billion in funding specifically for VinFast.

Investor Participation

Samsung Venture Investment (SVIC), based in South Korea, also contributed to this funding round. Existing investors, including YL Ventures, Fontinalis Partners, Liberty Mutual, Presidio Ventures, Glenrock, Paladin Group, and Asgen, also participated.

The total funding secured by the company now amounts to $27 million.

Addressing Growing Cybersecurity Needs

“The increasing national and personal risks associated with cyberattacks targeting IoT devices and connected vehicles are driving stringent regulatory demands,” stated Ami Dotan, co-founder and CEO of Karamba.

“Manufacturers of IoT devices and automotive OEMs require immediate compliance with these regulations. They need solutions that don’t disrupt existing R&D processes, delay product launches, or escalate manufacturing expenses.”

“Karamba’s comprehensive suite of products and services has garnered significant market interest from OEMs and IoT device manufacturers. They are drawn to Karamba’s ability to provide consistent security throughout the entire device lifecycle.”

Karamba Security’s XGuard. Image Credits: Karamba Security

VinFast's Strategic Investment

Considering the escalating need for security within the IoT landscape, particularly in the automotive industry, VinFast’s investment in Karamba is a logical step.

Since its inception, Karamba has concentrated on delivering a security solution that safeguards devices throughout their complete lifecycle. This is achieved without interrupting a company’s established R&D workflows or supply chain operations.

Recent Achievements and Market Traction

Karamba recently introduced its cloud-based incident analysis service and reports having 80 successful collaborations with Fortune 500 companies.

A notable recent engagement involved securing a fleet of 800,000 units across over 100 countries.

VinFast's Perspective

“Our assessment of the market, coupled with a thorough technical evaluation, has demonstrated Karamba’s core technology and its potential benefits for our companies,” said Ms. Pham Thuy Linh, Deputy CEO of VinFast.

“We believe Karamba is exceptionally well-positioned to accelerate our progress towards robust cybersecurity.”