VDOO Connected Trust Ltd., a Tel Aviv-based startup that developed security automation for embedded devices, announced that it secured $32 million in a Series B funding round on Wednesday, led by venture capital firms WRVI Capital and GGV Capital. 83North, Dell Technology Capital and David Strohm, who led the company’s initial financing, also participated in the round.
VDOO said in a statement that the funding will allow it to “increase market adoption of its IoT security platform while also expanding its technical capabilities, as the company sets its sight on becoming the industry’s first end-to-end security solution for embedded devices of any type.”
At a time when embedded devices already deployed in the field not only collect data but actually control our physical environment, affecting both business operations and our personal lives, it’s hard to imagine a future where all of these devices can be exploited,” said VDOO co-founder and co-CEO Netanel Davidi. “The reality is that devices are highly vulnerable and there is a reasonable chance they will be under a massive attack in the near future. Our vision is to make them more secure as we continue to build an automated security platform that meets the demands of an increasingly connected world.”
“Among all startups for embedded systems, VDOO is the first to introduce a unique, holistic approach focusing on the device vendors which are the focal enabler in truly securing devices,” said Lip-Bu Tan, founding partner of WRVI Capital, a leading international venture firm focusing on OEMs (Original Equipment Manufacturers) of embedded systems, hardware, and software. “We are delighted to back VDOO’s technology, and the exceptional team that has created advanced tools to allow vendors to secure devices as much as possible without in-house security know-how – for the first time in many decades, I see a clear demand for security, as being raised constantly in many meetings with leading OEMs worldwide, as well as software giants.”
The current round brings the company’s total funding to $45 million since it was founded in 2017.