Israel-based cybersecurity software developer VDoo collected $32m on Tuesday in a series B round featuring mobile network operator NTT Docomo, insurance firm MS&AD Holdings and computing equipment producer Dell.
WRVI Capital and GGV Capital co-led the round, which included fellow venture capital firms 83 North and private investors Avigdor Willenz and David Strohm.
Dell, MS&AD and NTT Docomo participated in the round through Dell Technologies Capital, MS&AD Ventures and NTT Docomo Ventures respectively.
VDoo has created a software platform that leverages machine learning technology to enable developers to automatically analyse IoT products for gaps in security. Manufacturers can also use it to implement device-specific security requirements into their products to certify them as protected.
The funding will enable the company to add automated analysis capabilities to the product and expand its partner and distribution network, which includes NTT, IT services provider Fujisoft and semiconductor component maker Macnica.
VDoo has now raised $45m in total, having received $13m in a January 2018 round that was led by 83 North and backed by Dell Technology Capital and angel investors David Strohm, Joe Tucci and Victor Tsao.
Netanel Davidi, Vdoo’s co-founder and co-chief executive, said: “The reality is that devices are highly vulnerable and there is a reasonable chance they will be under a massive attack in the near future. Our vision is to make them more secure as we continue to build an automated security platform that meets the demands of an increasingly connected world.”