While the Internet of Things (IoT) devices have now become more popular than ever before, cybersecurity remains a big concern for both consumers and businesses utilizing IoT. A report by Kaspersky states that cyberattacks on IoT devices more than doubled in the first half of 2021. The growing concern has even attracted the attention of governments worldwide.
This is why Sternum, an Israel-based IoT cybersecurity startup, raised $27 million of Series B funding to tackle the problem. According to the company, this is the largest amount ever raised by a female-founded and led security and analytics firm. The investment will be used for research and development, to advance the security platform they are developing, and to grow its headcount.
Sternum hopes to address IoT’s recurring cybersecurity issues by providing embedded security for IoT devices. This can be done either at the point of manufacture or retrofitted at any point in their lifecycle. The embedded security feature delivers actionable intelligence and active mitigation to any internet-connected device and prevents vulnerabilities from occurring.
“No existing product is doing what Sternum is doing,” Natali Tshuva, CEO and co-founder of Sternum, said. “Most solutions in the market today are able to discover anomalies, but they can’t protect the device itself against exploitation.” The embedded security feature includes new algorithms capable of identifying the fingerprints of an attacker in real-time, thus preventing attacks.
Spark Capital, a US-based venture capital firm, oversaw the funding. Square Peg Capital, the Hinrich Foundation, and European VC firm btov also participated in the proceedings.
The future of IoT growth is accelerating, but not without its challenges. As more companies invest in cybersecurity, smaller firms like Sternum can continue to keep IoT devices not only more usable but safe. A safe and secure environment makes a world of difference for a connected future.