Pwnie Express, a US-based internet-of-things (IoT) security software developer backed by insurance firm Massachusetts Mutual Life Insurance, has secured $8m from existing investors, taking its overall funding to $28m.
Venture capital firms 406 Ventures, Ascent Venture Partners and Fairhaven Capital provided the funding along with business incubator Vermont Center for Emerging Technologies (VCET).
Pwnie has built a software platform that continually assess all IoT devices connected to an organisation’s system in order to detect threats. The funding will support the launch of additional IoT security products in the coming months.
Todd DeSisto, Pwnie’s newly appointed CEO, said: “We will head into 2018 with great products and additional resources. We are in a great position to continue to grow by providing new and existing customers with the best IoT security product in the marketplace.”
Ascent led the company’s last round, a $12.9m series B in May 2016 that included Massachusetts Mutual’s strategic investment arm, MassMutual Ventures, as well as .406 Ventures, Fairhaven Capital and VCET, the latter three taking part as existing investors.