Venture Capital News: ZingBox Receives $22M Series B Funding
MOUNTAIN VIEW, CA, ZingBox, a leading Internet of Things (IoT) security solution provider, today announced that it has raised $22 million in a Series B funding round led by Dell Technologies Capital and Tri Ventures.
The new investment will enable ZingBox to meet strong demand for its award-winning IoT Guardian technology that addresses several challenges organizations face when tackling the IoT security problem. ZingBox plans to use the additional capital to increase headcount in the next year to accelerate product capabilities, and expand market reach.
ZingBox IoT Guardian is industry's only IoT security solution based on device personalities. It leverages sophisticated machine learning to discover, assess risk, baseline normal behavior, detect anomalous activities and provide real-time remediation across an organization's entire IoT footprint. The patent-pending solution has a deep grasp of each IoT device's personality, analyzing communication to and from every device, watching constantly for deviations in behavior and providing alerts for suspicious behavior.
"Dell Technologies Capital invests in innovative founders and companies that can utilize our technical resources and unique go-to-market channels to bring their breakthrough technology to customers around the globe," said Raman Khanna, managing director of Dell Technologies Capital. "As more and more hospitals, retailers and businesses deploy IoT solutions, security is top of mind and ZingBox's machine-learning approach to IoT security helps them address this fundamental challenge."
"We are thrilled to partner with ZingBox and its talented team. The company brings the right solution at the right time for healthcare organizations that need real time visibility and cyber protection to optimize operations and provide uninterrupted, quality patient care," said Dr. Peter Fitzgerald, Co-Founder & Managing Partner, Triventures. "ZingBox's deep and unique understanding of IoT and medical device behavior delivered in a seamless SaaS solution will be a gamechanger for its customers."
"We are honored by the support Dell Technologies Capital and Triventures have instilled in us," said Xu Zou, co-founder and CEO of ZingBox. "Their faith in our device personality approach to IoT security reaffirms our vision and strategy of offering revolutionary solution designed from the ground up to address the unique security challenges of IoT."
ZingBox was recently named a Cool Vendor in Gartner's May 2017 Cool Vendors in IoT Security, 2017 report. ZingBox also announced it entered into a strategic partnership earlier this year with SoftBank C&S to expand the company's global presence. SoftBank C&S is a global channel partner introducing the ZingBox IoT Guardian solution to the Japanese market and beyond.
Enabling the Internet of Trusted Things, ZingBox provides hospitals, companies and manufacturing facilities with Internet of Things (IoT) security software that helps ensure service delivery. ZingBox's new approach is based on Deep Learning and enforcement of trusted behavior. Founded by Silicon Valley veterans with expertise in cybersecurity, IoT, Deep Learning, and networking, ZingBox was selected by the Stanford StartX program, was named one of NetworkWorld's hottest security startups. For more information, visit www.zingbox.com.
About Dell Technologies Capital
At Dell Technologies Capital we are company builders with the mission of helping founders and their teams develop innovative technology solutions and bring them to market. We are active investors, sustaining an investment pace of approximately $100 million a year. As the global investment arm for the Dell Technologies family of businesses (Dell, Dell EMC, Pivotal, RSA, SecureWorks, Virtustream and VMware), Dell Technologies Capital offers deep business and technical expertise and unparalleled go-to-market assistance to our portfolio companies. After operating in stealth for 5 years, the firm emerged publicly in 2017. Headquartered in Palo Alto, Calif., Dell Technologies Capital currently has offices in Boston and Israel. For more information visit www.delltechnologies.com/capital.
Triventures is a venture capital fund that invests in disruptive medical device and digital health companies that impact the quality and cost of healthcare. Triventures supports ventures in areas such as big data, artificial intelligence and cyber security for healthcare as well as medical device companies in the fields of cardiovascular, orthopedics, robotics and ophthalmology. The fund is based in Tel Aviv and Silicon Valley and has strong partnerships with medical device manufacturers, healthcare providers and consumer electronics companies which enable it to contribute significant value to its portfolio companies when commercially integrating into markets. Among Triventures' notable strategic investors are Medtronic, Abbott, Boston Scientific, Johnson & Johnson, Cardinal Health and Intermountain Healthcare.
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