The Internet of Things (IoT) refers to the multitude of connected devices around the world. This network is constantly expanding, as everything from our watches and cars to our medical devices are connected and working together to streamline daily life. In recent years, massive cyberattacks crippled networks and impacted large corporations and individuals. With this connectivity surge, the need for dependable security platforms is at an all-time high. The pandemic and the dramatic acceleration in the adoption of new technology platforms have made the need for multiple layers of security even more essential.
To help usher in a new era of IoT security, Verizon Ventures is pleased to announce a strategic investment in Vdoo, an Israeli startup and leader in product security for embedded software that has developed a platform for end-to-end device security. In today’s connected world with a myriad of connected devices, Vdoo’s platform is able to provide robust protection for IoT devices.
Vdoo revealed it had extended its Series B funding to $57M, in an additional round led by Qumra Capital, Verizon Ventures, and others. Qumra Capital and Verizon Ventures joined existing investors 83North, GGV Capital, WRVI Capital, Dell Technologies Capital, NTT DOCOMO Ventures, MS&AD Ventures, and prominent private investors in the extension round.
"With the expansion of 5G networks and MEC, Verizon Ventures has a vested interest in supporting “security by design”, including the continuous vulnerability management of devices. The investment will help further Vdoo’s ability to provide robust security to all IoT devices in our rapidly digitizing world."
Massive market and a key investment
According to research firm MarketsandMarkets, the global device security market is predicted to grow from $12.5 billion in 2020 to $36.6 billion by 2025. COVID-19 and the shift to remote work have dramatically increased the number of remotely connected devices, accelerating the demand for securing connected products.
Tailored solutions and a new era of IoT security
With no worldwide standard for IoT device security, companies and individuals need a suite of tools to help them secure their devices. Vdoo’s tech offers end-to-end, device-centric security via an automated SaaS platform that identifies software and hardware components and varying security requirements and risks for each device, including known and unknown vulnerabilities, security exposures and weaknesses, configuration issues and standard compliance validation to over forty different security standards and regulations. Using proprietary algorithms and advanced automated security research techniques, Vdoo’s platform quantifies and prioritizes threats and provides step-by-step instructions on how to fix them. The platform also automatically generates a run-time application agent tailored to the device based on the results of the analysis. The agent can be integrated to the device to monitor and block potential intrusions in real time by restricting access to the exploitable area. Vdoo also provides early warning about new threats that can impact previously scanned software. Its multi-layered approach is field proven in reducing the risk profile and improving the security posture of devices across multiple verticals.
Vdoo is uniquely prepared to defend IoT devices. Co-founder and CEO, Netanel Davidi, along with fellow Co-founder and President Uri Alter, previously founded cybersecurity company Cyvera. The pair sold Cyvera to Palo Alto Networks in 2014 and went on to establish Vdoo in 2017. Vdoo’s third co-founder and CTO, Asaf Karas, joined the team shortly after its beginning. Asaf earlier led security research at the Israeli Defense Forces, where he was awarded the Israel Defense Prize for his work.
Verizon Ventures and IoT
Predictably, security threats have multiplied exponentially as new IoT verticals have grown. In the first half of 2019, research shows 4.1 billion records were exposed by data breaches - a 54% increase compared to the same midyear point in 2018. A recent Verizon study showed that 58% of breaches involve personal data leaving manufacturers, distributors, and end user consumers and businesses exposed to significant risk.
With the expansion of 5G networks and MEC, Verizon Ventures has a vested interest in supporting “security by design”, including the continuous vulnerability management of devices. The investment will help further Vdoo’s ability to provide robust security to all IoT devices in our rapidly digitizing world. With Vdoo’s products deployed in dozens of customers, mostly F500 companies, and its technology tailored to more than 130 device product lines, Verizon Ventures is pleased to make an investment in a company like Vdoo.
In our increasingly connected world, the regular pace of cyberattacks highlights the fact that IoT devices are under constant threat. Vdoo’s multi-layered, dynamic technologies have the potential to stem the tide of the negative impacts from those who want to disrupt the IoT transformation.
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