Israeli car cybersecurity solutions company Karamba Security today announced that it has secured $10 million of funding from Silicon Valley-based venture debt firm Western Technology Investment (WTI). This brings the total investment in Karamba Security to $27 million.
In the two years since its launch, Karamba Security has engaged with 17 automotive OEMs and tier-1 suppliers. The company's portfolio of products is integrated with platforms including ARM, Intel, PowerPC and Infineon on the chip level and QNX, Linux and various RTOS and AUTOSAR platforms on the OS/scheduler level. Through rigorous testing procedures with customers, Karamba has proven that its solution is capable of prevention with zero false positives, adding negligible performance overhead to the resource constrained environment of the car.
The company is planning to use the new funds 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.
Entrepreneurs Ami Dotan (CEO), Tal Ben David (VP R&D), David Barzilai (executive chairman), and Asaf Harel (CTO) founded Karamba, which has offices in Hod Hasharon and the US.
Dotan said, "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."
"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."
ERM (Epstein Rosenblum Maoz LLP) oversaw the transaction on behalf of Karamba Security. Greene Radovsky Maloney Share & Hennigh LLP assisted WTI to complete the transaction.
Published by Globes [online], Israel business news - www.globes-online.com - on April 10, 2018
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