IoT Security Firm Vdoo Expands Series B Funding to $57 Million

New Funding Will Help IoT Device Security Firm Support Growing Demand from Telcos and Utilities 

Israeli IoT security start-up Vdoo announced on Wednesday that it has extended its Series B funding round to $57 million, bringing the total amount raised by the company to $70 million. The company previously announced its Series B round in April 2019 marked at $32 million.

The company’s solutions are designed to help manufacturers of IoT devices identify and mitigate security risks. Its technology leverages machine learning to automatically create a security profile for a device, conduct penetration testing, and perform a security gap analysis.  

Vdoo explains that its platform, “performs a complete security assessment in minutes, providing a comprehensive report identifying zero-day vulnerabilities, CVEs, configuration and hardening issues, standard incompliances, and other security exposures with suggested prioritization and remediation mechanisms.”

According to the company, the round was completed in the third quarter of 2020, saying the additional funding would be used to expand its offerings to telco and smart utility customers.

“Over the last year, we’ve experienced huge market demand from device deployers such as telcos and utilities,” Netanel Davidi, CEO at Vdoo, told SecurityWeek. “These companies are responsible for the security of the millions of devices such as routers, connected home appliances, and smart meters that they deploy to their end-user and customer environment. With Vdoo’s new offering, they can now quickly and easily vet the security and standard compliance of these devices and continue to monitor and protect the devices over the lifecycle of the product. As a result, our newest customers include top  U.S. and global telcos and additional utilities players globally.”

Qumra Capital and Verizon Ventures joined existing investors 83North, GGV Capital, WRVI Capital, Dell Technologies Capital, NTT DOCOMOVentures, MS&AD Ventures, and other private investors in the extension round. 

Vdoo has offices in the U.S., Germany, Israel and Japan.

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For more than 10 years, Mike Lennon has been closely monitoring the threat landscape and analyzing trends in the National Security and enterprise cybersecurity space. In his role at SecurityWeek, he oversees the editorial direction of the publication and is the Director of several leading security industry conferences around the world.