US-based cybersecurity software provider Vdoo has increased its series B round to $57m with funding from investors including Verizon Ventures, the corporate venturing unit owned by telecommunications firm Verizon.
Verizon Ventures and growth capital fund Qumra Capital were among the investors that added $25m to the $32m the company raised in the round’s 2019 first close.
Vdoo has developed security technology designed for use with embedded software, allowing customers including telecoms companies assess the security of internet-of-things (IoT) and connected devices such as routers, smart meters or home appliances.
The first tranche included through Dell Technologies Capital, MS&AD Ventures and NTT Docomo Ventures, which invested on behalf of mobile network operator NTT Docomo, insurance provider MS&AD Holdings and computing technology manufacturer Dell.
GGV Capital and WRVI Capital co-led the first close, investing alongside 83 North, Avigdor Willenz and David Strohm. It followed $13m in a 2018 series A round led by 83North and backed by Dell Technology Capital, David Strohm, Joe Tucci and Victor Tsao.
Tammy Mahn, managing director of Verizon Ventures, said: “With the expansion of 5G networks and mobile edge compute, there is a need for an end-to-end, device-centric security approach to IoT.
“As the venture arm of a leading telco, Verizon Ventures is proud to invest in Vdoo and its world-class team on their journey to solve this global need, while ushering in a new era of security by design in our increasingly connected world.”
