AAA Karamba rakes in $10m

Karamba rakes in $10m

Karamba Security, a US-based automotive cybersecurity software provider backed by corporates Liberty Mutual, Sumitomo and Asgent, received $10m in funding from venture debt firm Western Technology Investment on Tuesday.

Founded in 2015, Karamba has developed technology that protects internet-connected cars from being hacked, by blocking cyberattacks on the vehicle’s factory settings.

The software aims to avoid raising dangerous false flags which could potentially cause a car to stop running effectively.

The capital will enable Karamba to acquire companies and assets to grow its technology portfolio as it looks to meet demand from the automotive and internet-of-things industries.

Karamba raised $12m in a May 2017 series B round featuring enterprise security services provider Asgent as well as Liberty Mutual Strategic Ventures and Presidio Ventures, respective subsidiaries of insurance provider Liberty Mutual and diversified conglomerate Sumitomo.

The series B round was co-led by YL Ventures and Fontinalis Partners with contributions from GlenRock Israel and Paladin Capital Group.

YL Ventures led a $2.5m seed round for Karamba in April 2016 that also featured GlenRock, according to TechCrunch, before Karamba attracted $2.5m in a Fontinalis-led series A round backed by YL Ventures and GlenRock five months later.

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