Our universe of connected things is expanding by the day: the number of objects with embedded processors now exceeds the number of smartphones globally and is projected to reach some 18 billion devices by 2022. But just as that number is growing, so are the opportunities for malicious hackers to use these embedded devices to crack into networks, disrupting how these objects work and stealing information, a problem that analysts estimate will cost $18.3 billion to address by 2023. Now, an Israeli startup called Vdoo has raised $32 million to address this, with a platform that identifies and fixes security vulnerabilities in IoT devices, and then tests to make sure that the fixes work.
The funding is being led by WRVI Capital and GGV Capital and also includes strategic investments from NTT DOCOMO (which works with Vdoo), MS&AD Ventures (the venture arm of the global cyber insurance firm), and Avigdor Willenz (who founded both Galileo Technologies and Annapurna Labs, respectively acquired by Marvell and Amazon). 83North, Dell Technology Capital and David Strohm, who backed Vdoo in its previous round of $13 million in January 2018, also participated, bringing the total raised by Vdoo now to $45 million.
Vdoo — a reference to the Hebrew word that sounds like “vee-doo” and means “making sure” — was cofounded by Netanel Davidi (co-CEO), Uri Alter (also co-CEO) and Asaf Karas (CTO). Davidi and Alter previously co-founded Cyvera, a pioneer in endpoint security that was acquired by Palo Alto Networks and became the basis for its own endpoint security product; Karas meanwhile has extensive experience coming to Vdoo of working, among other places, for the Israeli Defense Forces.