Karamba raises $12m Series B
- ผู้เขียน:Ella Cai
- ปล่อยบน:2017-05-17
Karamba Security has raised a Series B round of $12 million. The company provides security for for connected and autonomous vehicles, is announcing $12 million in Series B funding today, bringing total investment in the company to $17 million, one year after closing a seed round.
The investment was raised quickly. In a little more than a year since coming out of stealth, Karamba has engaged with 16 automotive OEMs and Tier-1 suppliers.
The connected car security problem has received significant attention:
The U.S. Assistant Attorney General for National Security warned that connected cars, which Gartner predicts will represent 250 million vehicles on the road by 2020, “will be the next battlefield.” Connected cars have hundreds to thousands of hidden security bugs–vulnerabilities that hackers can exploit to infiltrate the vehicle, take control and compromise its safe operation.
WikiLeaks documents showing the CIA considered a mission against connected car technology underscore auto industry concern that the science behind the next generation of vehicles could be turned against them.
The global market for cybersecurity for cars was estimated by Morodo Intelligence to be worth $16.85 million in 2015 and is expected to grow to $1.1 billion by the end of 2020 – a CAGR of 102.62%.
The investment will be used to expand customer support, sales and R&D organizations. Investors are YLVentures, Fontinalis Partners, Paladin, Liberty Mutual, Presidio Ventures and Asgent.
The global market for cybersecurity for cars was estimated by Mordor Intelligence to grow from $17 million in 2015 to $1.1 billion by the end of 2020 – a CAGR of 102.62 percent.[1][1]
Karamba Security has introduced a prevention software that protects the car, based on its factory settings, and blocks hacking attempts as they deviate from the car’s factory settings.
“Prevention is key,” says Ami Dotan, Karamba’s co-founder and CEO, “our technology makes sure that only what’s part of the factory settings can run,” says Ami Dotan, Karamba’s co-founder and CEO. “Once the system recognizes foreign code, or an in-memory attack, it prevents it from executing. Our deterministic approach stands in sharp contrast to network-based solutions that rely on probabilities to try to identify attacks in progress and block them – an after-the-fact technique that creates safety risks.”
This deterministic approach ensures consumer safety by preventing the attack before hackers succeed to infiltrate the car and do harm.
When Karamba announced its solution in April 2016, the automotive industry was mostly evaluating network security solutions, adapted to the car. Such solutions are based on statistical modeling and are prone to false alarms, aka “false positives,” that risk lives. An example would be the brakes failing because a legitimate command was mistakenly identified as malicious and blocked.
“What we found compelling from the start was that Karamba Security solved this industry-wide problem and eliminated the risk of false positives,” said Yoav Leitersdorf, managing partner of YL Ventures and a board member at Karamba Security. “As a result, it has shifted the automotive security paradigm from detection to prevention.”
“Until Karamba, there were no preventive solutions with zero false positives, and many questioned whether it was even achievable,” added Chris Thomas, a founder and partner at Fontinalis Partners who also sits on Karamba’s board. “Now that the industry and investors are aware that prevention is attainable, they are choosing Karamba, and in doing so, they are enabling safer outcomes.”
“Car security must be centered on consumer safety, not data security,” said Chris Inglis, former deputy director of the National Security Agency and now a managing director at Paladin Capital Group. “Threats from nation states, hacktivists and ransomware authors continue to grow in scope and scale, threatening consumers in every facet of their daily lives. We can no longer afford to simply react to this phenomenon. We must get ahead of it. To that end, automotive cybersecurity requires stopping the attack before the hacker succeeds to infiltrate the car. Karamba Security’s software turns the tables on attackers, seizing the initiative on the front end of an attack cycle in a reliable, deterministic way – to safeguard people’s lives as much or more as the systems they use.”
The investment was raised quickly. In a little more than a year since coming out of stealth, Karamba has engaged with 16 automotive OEMs and Tier-1 suppliers.
The connected car security problem has received significant attention:
The U.S. Assistant Attorney General for National Security warned that connected cars, which Gartner predicts will represent 250 million vehicles on the road by 2020, “will be the next battlefield.” Connected cars have hundreds to thousands of hidden security bugs–vulnerabilities that hackers can exploit to infiltrate the vehicle, take control and compromise its safe operation.
WikiLeaks documents showing the CIA considered a mission against connected car technology underscore auto industry concern that the science behind the next generation of vehicles could be turned against them.
The global market for cybersecurity for cars was estimated by Morodo Intelligence to be worth $16.85 million in 2015 and is expected to grow to $1.1 billion by the end of 2020 – a CAGR of 102.62%.
The investment will be used to expand customer support, sales and R&D organizations. Investors are YLVentures, Fontinalis Partners, Paladin, Liberty Mutual, Presidio Ventures and Asgent.
The global market for cybersecurity for cars was estimated by Mordor Intelligence to grow from $17 million in 2015 to $1.1 billion by the end of 2020 – a CAGR of 102.62 percent.[1][1]
Karamba Security has introduced a prevention software that protects the car, based on its factory settings, and blocks hacking attempts as they deviate from the car’s factory settings.
“Prevention is key,” says Ami Dotan, Karamba’s co-founder and CEO, “our technology makes sure that only what’s part of the factory settings can run,” says Ami Dotan, Karamba’s co-founder and CEO. “Once the system recognizes foreign code, or an in-memory attack, it prevents it from executing. Our deterministic approach stands in sharp contrast to network-based solutions that rely on probabilities to try to identify attacks in progress and block them – an after-the-fact technique that creates safety risks.”
This deterministic approach ensures consumer safety by preventing the attack before hackers succeed to infiltrate the car and do harm.
When Karamba announced its solution in April 2016, the automotive industry was mostly evaluating network security solutions, adapted to the car. Such solutions are based on statistical modeling and are prone to false alarms, aka “false positives,” that risk lives. An example would be the brakes failing because a legitimate command was mistakenly identified as malicious and blocked.
“What we found compelling from the start was that Karamba Security solved this industry-wide problem and eliminated the risk of false positives,” said Yoav Leitersdorf, managing partner of YL Ventures and a board member at Karamba Security. “As a result, it has shifted the automotive security paradigm from detection to prevention.”
“Until Karamba, there were no preventive solutions with zero false positives, and many questioned whether it was even achievable,” added Chris Thomas, a founder and partner at Fontinalis Partners who also sits on Karamba’s board. “Now that the industry and investors are aware that prevention is attainable, they are choosing Karamba, and in doing so, they are enabling safer outcomes.”
“Car security must be centered on consumer safety, not data security,” said Chris Inglis, former deputy director of the National Security Agency and now a managing director at Paladin Capital Group. “Threats from nation states, hacktivists and ransomware authors continue to grow in scope and scale, threatening consumers in every facet of their daily lives. We can no longer afford to simply react to this phenomenon. We must get ahead of it. To that end, automotive cybersecurity requires stopping the attack before the hacker succeeds to infiltrate the car. Karamba Security’s software turns the tables on attackers, seizing the initiative on the front end of an attack cycle in a reliable, deterministic way – to safeguard people’s lives as much or more as the systems they use.”
