IoT cybersecurity company Sternum has raised $ 6.5 million in Series A funding.
The round, led by Square Peg, will feature existing investor and global business leader Meruru Hinrich, European venture capital firm btov, and founders of Boston-based entrepreneurs Eyal Shavit and Cyber Ark. Udi Mokady, who is also CEO, participated.
Sternum will use this funding to expand its R & D team and strengthen its market development strategy when developing cybersecurity and surveillance solutions. In the new round, Sternums’ total funding has been raised to $ 10 million since its inception in 2018.
By 2025, 40 billion IoT devices are projected to be used, and no scalable endpoint cybersecurity solution has ever been installed on individual devices. Instead, manufacturers rely heavily on vulnerability patching or network security because the device lacks sufficient security protection and the manufacturer cannot retrieve valuable data points from a live device. Device data provides important insights for performance optimization, future development support, and third-party behavior and risk profiling and mitigation.
The Sternums solution is inserted into the device’s binary code and can be integrated into IoT devices without the need to configure or modify existing code.
Natali Tshuva, CEO and co-founder of Sternum, said: A cloud platform, regardless of the operating system or resources available. Create the first on-device technology acceptable for all IoT devices. Closing during a global pandemic, this round is a vote of confidence in IoT cybersecurity and on-device intelligence, our technology, and most importantly, our dual vision for our team. With these new funds, grow an industry-leading R & D team on a mission to actively recruit researchers and engineers, protect all IoT devices, and gain insights that will significantly improve the connected world. Let me.
Philippe Schwartz, a partner at Square Peg, said: I was impressed with Sternums’ innovative products and diverse teams. That technology supports our future with uncompromising security protection and a wealth of data-driven insights. We look forward to helping the Sternum team continue to help protect and secure the IoT devices that are essential to your business.
Sternum has partnered with medical device manufacturers to provide endpoint security for life-saving IoT devices.
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