Tel-Aviv, Israel - BUSINESS WIRE - VDOO, a cybersecurity company innovating in the movement to secure the Internet of Things (IoT), has raised $13M in initial funding. The venture round was led by 83North (formerly Greylock IL) and included participation by Dell Technology Capital and other strategic individual investors, including David Strohm, Joe Tucci, and Victor Tsao. The funding will be used to develop and commercialize VDOO’s first-of-its-kind IoT security platform which provides an automated, end-to-end process that analyzes devices, delivers the right security requirements and implementation guidance based on that analysis, and provides security certification for a full range of connected devices.
Recent cyber attacks that have struck through vulnerabilities in IoT devices demonstrate the potential for widespread effects. Loss of control of locks, alarms, video cameras, and many other connected things, can cause irreversible damage. The sheer number and diversity of connected devices, combined with evidence that attackers are building their infrastructure for future massive breaches, suggests that a significant number of users and businesses, as well as their reputations, could be at risk.
“An analysis of IoT attacks over the past 18 months, shows that even the simplest hacks, whether at an organization or at home, can have serious, even dire, consequences. The past attacks seem like a test run for future attacks, by the organized attackers, a fact that highlights the magnitude and severity of upcoming attacks,” says Netanel Davidi, Co-CEO and founder at VDOO. “The problem is that there are no actionable processes or standards to guide IoT makers in the implementation of the proper security for each specific device. VDOO helps IoT makers protect their customers, by enabling them to set and implement the right security for each of their devices, in a quick and balanced manner.”
“We are privileged to join Uri and Nati’s journey for the second time. We believe that the next wave of cyber-attacks will hit our homes and businesses in unexpected ways. It will compromise our smart TVs, cameras and appliances. VDOO has the potential to become the platform that enables the protection from such attacks,” says Gil Goren, general partner, 83North.
VDOO was founded by Netanel Davidi, Uri Alter, and Asaf Karas. Netanel Davidi and Uri Alter, Co-CEOs, previously founded Cyvera, a company that developed innovative endpoint security solutions, which was acquired by Palo Alto Networks in 2014. Asaf Karas is a renowned cyber security researcher who brings two decades of experience in cyber research, including reverse engineering, embedded device research, protocol analysis, malware analysis and software vulnerability exploitation; and in his recent role in the IDF, Asaf managed more than 100 cyber security experts, dealing with some of the most complex technology challenges. The founding team is joined by leading developers and researchers, who bring vast experience in embedded systems and IoT security, to build out technologies and products.
VDOO has developed an end-to-end platform – from security analysis to implementation to certification and post-deployment security enablement - that allows IoT makers to quickly add the right level of security to their devices with minimal resources required.
The challenge is that with thousands of device types in the market, each has a different set of security features required in order to protect its users. The foundation of VDOO’s solution is its comprehensive IoT Security Taxonomy engine that analyzes and then classifies tens of thousands of connected devices, to eventually determine the appropriate level of security for each, based on risk factors, threat landscape, and technology attributes.
“The Taxonomy engine combined with the automated analysis technologies enable, for the first time, the right, actionable security, for each and every analyzed product. Our goal is to balance security with device operation and the makers’ business considerations, so that requirements are specific to the device and reasonable at the same time,” says Uri Alter, Co-CEO and founder at VDOO. “Once the right requirements are determined, we make it easy and cost-effective for IoT makers to add security to their devices.”
The VDOO solution performs a security gap analysis on IoT devices, against the specific security requirements for each device type, and provides a detailed recommended plan of action to fill security gaps. Once security features have been implemented, VDOO validates that security requirements have been met and provides physical and digital certifications. The on-device digital certification agent monitors the security state of the device and communicates it to other systems such as gateways, firewalls, and edge solutions; which provides post-deployment security, ensuring the device is not being compromised.
“We believe that IoT security is critical for IoT growth and adoption across multiple industries. The ability to certify connected devices is a huge challenge and a key for IoT security,” says Yair Snir, GM, Dell Technologies Capital.
VDOO is currently working with design partners on its initial release. An early beta program will be available to a broader group of beta customers in June 2018.
VDOO is securing the Internet of Things ecosystem. It provides an end-to-end platform that enables IoT makers to identify the right security requirements for their device(s), take action to implement those security features, and certify their devices in a way that enables post-deployment protection. Founded by a team of proven entrepreneurs and security researchers, VDOO is located in Israel, the United Kingdom, and the United States, and backed by major VC’s and IoT market leaders. For more information, visit www.vdoo.com.
VDOO's Press Kit with information and graphics can be accessed here: http://bit.ly/2ENHkMK