Karamba Security Raises $10 Million in Latest Funding Round
【Summary】Karamba Security, a provider of end-to-end automotive cybersecurity prevention solutions, today announced that it has secured $10 million in funding from Silicon Valley-based Western Technology Investment (WTI), a leading venture debt firm.
BLOOMFIELD HILLS, MI — Karamba Security, a provider of end-to-end automotive cybersecurity prevention solutions, today announced that it has secured $10 million in funding from Silicon Valley-based Western Technology Investment (WTI), a leading venture debt firm. This brings the total investment in Karamba Security to $27 million.
Since launching two years ago, Karamba Security has worked with 17 automotive OEMs and tier-1 suppliers.
The company is planning to use the new funding for inorganic growth, including acquiring companies and technology assets to accelerate its Autonomous Security portfolio progress, as well as address the growing demand for Karamba's solutions from automotive and IoT customers.
"With our zero-day prevention solution, fully developed and production quality, our ongoing operations are well funded from the previous $17 million raised last year. This new funding provides a line of capital we can use as needed for inorganic growth to expand Karamba's solutions suite across the rapidly evolving automotive landscape," said Ami Dotan, Karamba Security's Co-founder and CEO.
"We evaluate thousands of companies across major global technology sectors to select partners that disrupt their industries," said Jay Cohan, investment partner at WTI. "Our engagement with Karamba Security represents an opportunity to be involved in a leading cybersecurity company with a promising history of engaging a wide variety of industry players toward building a platform for safer autonomous driving. We look forward to a long-term partnership in which our investment will assist Karamba in achieving its expansion goals."
Karamba was chosen as the best automotive cyber-security product at the TU-Automotive Detroit Conference and Exhibition last year. In addition, Karamba received the 2017 New Product Innovation Award in the Automotive Industry by Frost & Sullivan.
Automotive security is a top concern as future vehicles will come equipped with autonomous driving technology internet connected telematics. Karamba specializes in developing vehicle security solutions which are critical in the era of autonomous driving vehicles.
Karamba's Carwall software works by locking down the vehicle's ECU's factory settings, preventing the execution of any programs that deviate from those settings. Carwall automatically generates an ECU's security policy based on the factory settings and creates a call graph mapping all acceptable calling relationships. Based on the vehicle's ECU's unique call graph, Carwall inspects binaries in runtime to determine if they've been hijacked from their expected, factory-based, calling sequence and if so, blocks the exploit attempt.
Once deployed on the vehicle, Carwall's patent-pending technology enables the software to automatically learn the factory settings and create a security policy with no action needed by developers. Carwell ensures only the OEM is allowed to make changes to a vehicle's software during authorized firmware updates.
Western Technology Investment (WTI), which led the investment round, is a Silicon Valley based venture debt firm which invests globally in a wide range of technology and life science companies ranging from seed-stage start-ups to publicly-held companies.
Karamba Security's U.S. Headquarters is located in Bloomfield Hills, MI, with additional offices in Israel and Japan.
Originally from New Jersey, Eric is an automotive and technology reporter specializing in the high-tech industry in Silicon Valley. Eric has over fifteen years of automotive experience and a B.A. in computer science. These skills, combined with technical writing and news reporting, allows him to fully understand and identify new and innovative technologies in the automotive industry and beyond. He has worked on self-driving cars and as a technical writer, helping people to understand and work with technology. Outside of work, Eric likes to travel to new places, play guitar, and explore the outdoors.
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