Exein, an Italian startup providing cybersecurity for “internet of things” (IoT) devices, just raised €70m in a Series C funding round, led by Balderton.
With more and more IoT devices available, including everything from smartwatches to internet-connected fridges and thermostats, the potential for hackers to steal sensitive data or hold them to ransom is on the rise.
The big selling point of Exein’s so-called “digital immune system” is that it’s deployed entirely on-device, rather than relying on any centralised cloud service, making it harder for external threats to penetrate.
Having struck deals with leading chipmakers and manufacturers like Supermicro, Mediatek and Kontron, Exein currently provides security for more than 1bn devices around the world.
With the backing of top European VC firm Balderton with backing from Lakestar, the company plans to use the fresh funding to strengthen its presence in Europe while expanding into the US and parts of Asia.
“As critical infrastructure becomes increasingly software-defined and networked, the risks multiply, especially with AI enabling attackers to hit more targets faster than ever before,” says Elena Moneta, principal at Balderton.
“The microwave on a military ship, or the smart fish tank in a hospital waiting room, any one of these could be exploited to compromise the entire network,” she adds. “Exein tackles this threat where it begins: on the device itself, embedding real-time security on the edge.”
Supernova, United Ventures, 33N and Partech also participated in the round.
Source: https://sifted.eu/articles/lakestar-balderton-cybersecurity-startup-exein
