Karamba Security closes $12 million in Series B financing Karamba Security, a provider of cybersecurity solutions for connected and autonomous vehicles, today announced $12 million in Series B funding, bringing total investment in the company to $17m., 15 months after closing a seed round in March 2016. The funding was driven by investors’ excitement over customer engagements, resulting from Karamba’s unique automotive cyberprevention technology.
The investment will be used to expand customer support, sales and R&D organizations so that it can meet the rapidly growing demand. Existing investors YL Ventures and Fontinalis Partners led the round, followed by GlenRock Israel, with new strategic investments from Paladin Capital Group, Liberty Mutual Strategic Ventures, Presidio Ventures and Asgent, Inc.
For Paladin Capital and Liberty Mutual Strategic Ventures, as well as for Fontinalis Partners, Karamba Security is their first investment in an Israeli corporation.
The global market for cybersecurity for cars was estimated by the GSM Association to grow from $17m. in 2015 to $1.1 billion by the end of 2020 – a compound annual growth rate of 102.62%.
Karamba Security has introduced a prevention software that seamlessly protects the car, based on its factory settings, and blocks hacking attempts as they deviate from the car’s factory settings.
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... safeguard[s] people’s lives as much or more as the systems they use.”
Information taken from: www.businesswire.com.
Deep Instinct, first company to apply deep learning to cybersecurity, named ‘Most Disruptive Startup’ by NVIDIA Earlier this year, Deep Instinct was selected out of hundreds of AI and deep learning startups to compete in the NVIDIA’s Inception AI startup competition to find the best AI startups. The Inception Awards ceremony took place in Silicon Valley at the GPU Technology Conference, the premiere AI event with more than 7,000 industry leaders, media, and investors in attendance.
This was the inaugural year of NVIDIA’s Inception Awards, which recognized startups in three categories – Hottest Emerging, Most Disruptive, and Social Innovation. Winners received significant cash prizes and graphics processing unit (GPU) hardware to further accelerate their activities.
Emerging out of stealth mode in November 2015, Deep Instinct’s patent-pending application of deep learning to cybersecurity resulted in cutting-edge capabilities of unmatched accurate detection and real-time prevention. Leveraging the capabilities associated with deep learning, Deep Instinct provides instinctive protection on any device, platform, and operating system. Deep Instinct relies on end-to-end deep learning for all its advanced malware detection and prevention capabilities.
The deep neural network is trained on hundreds of millions of malicious and legitimate files.
To handle such large-scale training, Deep Instinct developed its proprietary deep learning infrastructure directly on NVIDIA’s GPU machines,” said Dr. Eli David, CTO of Deep Instinct. “The powerful capabilities of NVIDIA GPUs enable us to perform our training at a substantially faster speed compared to CPUs: while training the Deep Instinct brain on NVIDIA’s GPUs takes a little over a single day of training, the same task on CPUs would take more than three months!” “We are thrilled to be recognized by NVIDIA for what we believe is a groundbreaking application of GPUs,” said Guy Caspi, CEO of Deep Instinct. “Being able to leverage powerful technological capabilities to apply deep learning to cybersecurity empowers enterprises with unprecedented, real-time protection from the next unexpected attack.”Information taken from: www.prnewswire.com.
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Translated by Hannah Hochner.
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