Israeli startup raises $6.5m for IoT security
Sternum in Israel has raised $6.5 million in Series A funding for its embedded cybersecurity technology in the Internet of Things (IoT).
Sternum will use the funding to expand its R&D team and commercialisation of its scalable, embedded software that is injected into a device’s binary code and can be integrated into a wide range of IoT devices – low-end, high-end, old, new, existing devices, RTOS, and Linux-based – with no configurations or changes to existing code required.
The Tel Aviv-based company recently proved the effectiveness of its solutions by successfully blocking the exploitation of multiple critical zero-day vulnerabilities known as Ripple20. It has already teamed with module maker Telit and a leading global medical device manufacturer, to provide first-of-its-kind endpoint security for safety critical IoT devices.
“I’m excited to say that we are the only company offering both an embedded, agentless, and holistic security solution for all IoT devices, as well as the ability to monitor them through an intelligent cloud platform, no matter the operating system or resources available, thus creating the first on-device technology acceptable by all IoT devices,” said Natali Tshuva, CEO and co-founder of Sternum.
0 billion IoT devices are predicted to be in use by 2025, and until now, there has not been a scalable, endpoint cybersecurity solution that can be installed on individual devices. Instead, manufacturers have heavily relied on vulnerability patching or network security. Manufacturers are also not capturing valuable data points from devices in operation. Device data can provide key insights for optimizing performance, supporting future developments, and profiling and mitigating third-party behaviour and risks.
The round, led by Square Peg, was joined by existing investor and global business leader Merle Hinrich, European venture capital firm btov, and private investors including Boston-based veteran entrepreneur Eyal Shavit and Founder & CEO of CyberArk, Udi Mokady. This brings the total raised to $10m.
“This round, closed during a global pandemic, is a vote of confidence in our dual vision for IoT cybersecurity and on-device intelligence, our technology, and most importantly, our team. With these new funds, we will continue actively recruiting researchers and engineers to grow our industry-leading R&D team in our mission to secure all IoT devices and obtain insights that will vastly improve our connected world,” said Tshuva.
“We are impressed with Sternum’s innovative products and diverse team, whose technologies will power our connected future with uncompromising security protection and rich, data-driven insights,” said Philippe Schwartz, Partner at Square Peg. “We look forward to supporting the Sternum team as they continue to help their customers protect and secure their business-critical IoT devices.”
“Authentication, security and real-time monitoring across all IoT devices and applications is a critical problem for manufacturers and consumers,” said Merle Hinrich, Founder and Chairman of Hinrich Foundation. “Sternum’s solutions are unique, scalable, and proven. We are delighted to be invested in and supportive of Sternum’s team and technology, which will assist in bringing trust and dependability to industries implementing IoT.”
Following this investment, Shavit, Schwartz and Hinrich will join Sternum’s Board of Directors.
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