BLOOMFIELD HILLS, MI, Karamba Security, a world-leading provider of end-to-end automotive cybersecurity prevention solutions, today announced that it has secured $10 million of funding.
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The new funding comes from Silicon Valley-based Western Technology Investment (WTI), a leading venture debt firm. This brings the total investment in Karamba Security to $27 million.
In the two years following its launch, Karamba Security has engaged with 17 automotive OEMs and tier-1 suppliers. Its current portfolio of products is integrated with a variety of platforms, including ARM, Intel, PowerPC and Infineon on the chip level and QNX, Linux and various RTOS and AUTOSAR platforms on the OS/scheduler level. Through rigorous testing engagements with its customers, Karamba has proven that its solution is capable of prevention with zero false positives, adding negligible performance overhead to the resource constrained environment of the car.
To expand on this market traction, the company is planning to use the funds for inorganic growth, including acquiring companies and technology assets to accelerate its Autonomous Security portfolio progress, as well as address the growing demand for Karamba's solutions from automotive and IoT customers.
"With our zero-day prevention solution, fully developed and production quality, our ongoing operations are well funded from the previous $17 million raised last year. This new funding provides a line of capital we can use as needed for inorganic growth to expand Karamba's solutions suite across the rapidly evolving automotive landscape," said Ami Dotan, Karamba Security's Co-founder and CEO.
The move capitalizes on Mr. Dotan's previous experience as an active investor, where inorganic growth led the companies he directed to four M&As and six IPOs, two of them have reached an accumulated market capitalization of over $3.5 billion.
"We evaluate thousands of companies across major global technology sectors to select partners that disrupt their industries," said Jay Cohan, investment partner at WTI. "Our engagement with Karamba Security represents an opportunity to be involved in a leading cybersecurity company with a promising history of engaging a wide variety of industry players toward building a platform for safer autonomous driving. We look forward to a long-term partnership in which our investment will assist Karamba in achieving its expansion goals."
ERM (Epstein Rosenblum Maoz LLP), oversaw the transaction on behalf of Karamba Security. Greene Radovsky Maloney Share & Hennigh LLP assisted WTI to complete the transaction.
About Karamba Security
Karamba Security provides industry-leading automotive cybersecurity solutions for autonomous and connected cars. Its autonomous security software products, including Carwall and SafeCAN, provide end-to-end in-vehicle cybersecurity for the endpoints and the internal messaging bus. Karamba Security's award-winning solutions prevent cyberattacks with zero false positives and secure communications, including OTA updates, with negligible performance impact. Karamba is engaged with 17 OEM and tier-1 customers and received numerous industry awards. More information is available at www.karambasecurity.com.
Western Technology Investment (WTI) is a Silicon Valley-based venture debt firm which invests globally in a wide range of technology and life science companies ranging from seed-stage start-ups to publicly-held companies. For over 38 years, WTI has provided in excess of $5 billion of growth capital to exceptional teams building market leading companies.