10 Dec Karamba Security Raises $10M Funding Round Led by VinFast

On Dec 2, Karamba Security, a provider of embedded cybersecurity solutions for connected devices and systems, announced it has secured $10 million in new funding in an extension to its B Round financing. VinFast, a member of Vingroup, the largest private conglomerate in Vietnam, led the investment with participation from SVIC, a leading corporate VC from South Korea, and existing investors YL ventures, Fontinalis Partners, Liberty Mutual, Presidio Ventures, Glenrock, Paladin Group and Asgent.

Automobility Ltd. played an active role in introducing VinFast as the lead investor to the investment opportunity in the Israel-based cybersecurity startup, as well as supporting the overall deal process among the parties.  Automobility also participated as an investor in the round.

The additional funding brings the total capital invested in Karamba Security to $27 million. The company will use the funds to accelerate development of its product roadmap to meet customer demands to comply with newly created regulations such as UN R155 and ISO 21434 for automotive cybersecurity and the U.S. Executive Order on Improving the Nation’s Cybersecurity.Investors in this round were motivated by Karamba’s expanding customer base and leadership in IoT and embedded automotive security. Other factors were the endorsement of Karamba’s current customers and the growing need for IoT and automotive compliance with new cybersecurity regulations.

Automobility Ltd. is very pleased that its portfolio company Karamba Security has raised additional funds to support its IoT and security platform, addressing a growing need in the automotive and mobility industry.

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