Israeli IoT cybersecurity company Sternum, which provides embedded protection and real-time visibility for connected devices, announced Tuesday it has raised $6.5 million in Series A funding.
Sternum said it will use the funding to expand its R&D team and bolster its go-to-market strategy as the company ushers in the next generation of IoT with its cutting-edge cybersecurity and monitoring solutions. The company has now raised a total of $10 million since being founded in 2018.
The round, led by the Square Peg venture capital firm, was joined by existing investor Merle Hinrich, European venture capital firm btov, and private investors including Boston-based veteran entrepreneur Eyal Shavit and CyberArk founder and CEO Udi Mokady.
"I'm excited to say that we are the only company offering both an embedded, agentless, and holistic security solution for all IoT devices, as well as the ability to monitor them through an intelligent cloud platform, no matter the operating system or resources available, thus creating the first on-device technology acceptable by all IoT devices," said Natali Tshuva, CEO and co-founder of Sternum.
"This round, closed during a global pandemic, is a vote of confidence in our dual vision for IoT cybersecurity and on-device intelligence, our technology, and most importantly, our team. With these new funds, we will continue actively recruiting researchers and engineers to grow our industry-leading R&D team in our mission to secure all IoT devices and obtain insights that will vastly improve our connected world."
Sternum's technology is seen as being uniquely positioned to accelerate and secure the global implementation of IoT across multiple sectors, including medical, smart energy and utilities, and industrial IoT. The company's scalable, embedded solutions are injected into a device's binary code and can be integrated into a wide range of IoT devices – low-end, high-end, old, new, existing devices, RTOS, and Linux-based – with no configurations or changes to existing code required, according to the company.
Unlike other solutions, Sternum is not focused on the endless race of patching every vulnerability found on a device; instead, its solutions are focused on the exploitation stage of any cyber-attack, preventing it in real time by immunizing the entire device code against breaches. Sternum's next-generation solutions ensure streamlined security and immersive monitoring of all aspects of a device, including third-party components, providing valuable insights that improve products, the company says.