Karamba Security raises $10 million
Karamba Security has closed $10 million in an extension to its B Round financing. VinFast, a member of Vingroup, the largest private conglomerate in Vietnam, led the investment with participation from SVIC, a corporate VC from South Korea, and existing investors: YL ventures, Fontinalis Partners, Liberty Mutual , Presidio Ventures, Glenrock, Paladin Group and Asgent. To date, the company raised $27 million.
Founded in 2015, Karamba Security is an automotive and IoT security company providing cybersecurity solutions that secure the device’s entire lifecycle without interference of R&D or supply chain processes. Karamba’s IoT security enables automotive OEMs and suppliers, as well IoT device manufacturers, to comply with industry regulations and differentiate their offerings without imposing costly changes on their product development schedules or requiring changes to legacy modules they use.
“Based on our view of the market and extensive technical evaluation, witnessing first-hand Karamba’s core technology and learning from other OEMs, we see how well-positioned Karamba is to help our companies leapfrog ahead on their paths to cybersecurity. We are particularly impressed with their product leadership and customer traction. In addition, they can help us–as well as other OEMs and IoT device manufacturers–to comply with the new cybersecurity regulations, such as UN and ISO/SAE automotive cybersecurity requirements and the U.S. Executive Order for Cybersecurity, something that is essential for our expansion plans into the European and U.S. markets.” – VinFast deputy CEO, Ms. Pham Thuy Linh.
“National and individual risks of cyberattacks on IoT devices and connected vehicles have driven strong regulatory requirements. IoT device manufacturers and automotive OEMs are in an urgent need to comply with such regulations, without changing R&D processes, delaying time to market, or increasing product manufacturing costs. Karamba’s one-stop-shop offering of products and services has driven strong market traction of such OEMs and IoT device manufacturers, who are attracted to Karamba’s seamless security throughout the device lifecycle.” – Ami Dotan, Karamba co-founder and CEO.