Dell invests in IoT security start-up ZingBox
August 24, 2017
IoT security start-up ZingBox has raised $22m in a series B funding round led by Dell Technologies Capital and Triventures.
The investment will enable the Silicon Valley company to meet demand for its IoT Guardian technology that addresses several difficulties organisations face when tackling IoT security. ZingBox plans to use the additional capital to increase headcount in the next year to accelerate product capabilities and expand market reach.
“Dell Technologies Capital invests in innovative founders and companies that can utilise our technical resources and unique go-to-market channels to bring their breakthrough technology to customers around the globe,” said Raman Khanna, managing director of Dell Technologies Capital. “As more and more hospitals, retailers and businesses deploy IoT, security is top of mind and ZingBox’s machine-learning approach to IoT security helps them address this fundamental challenge.”
IoT Guardian is based on device personalities. It leverages machine learning to discover, assess risk, baseline normal behaviour, detect anomalous activities and provide real-time remediation across an organisation’s IoT footprint. The patent-pending technology has a deep grasp of each IoT device’s personality, analysing communications to and from every device, watching constantly for deviations in behaviour and providing alerts for suspicious behaviour.
“We are thrilled to partner with ZingBox and its talented team,” said Peter Fitzgerald, co-founder of Triventures. “The company brings the right solution at the right time for healthcare organisations that need real-time visibility and cyber protection to optimise operations and provide uninterrupted, quality patient care. ZingBox’s deep and unique understanding of IoT and medical device behaviour delivered in a seamless SaaS solution will be a game changer for its customers.”
ZingBox was named a Cool Vendor in Gartner’s May 2017 Cool Vendors in IoT Security report. The company also entered a strategic partnership earlier this year with SoftBank C&S to expand the company’s presence to the Japanese market and beyond.
“We are honoured by the support Dell Technologies Capital and Triventures have instilled in us,” said Xu Zou, co-founder and CEO of ZingBox. “Their faith in our device personality approach to IoT security reaffirms our vision and strategy of offering revolutionary solution designed from the ground up to address the unique security challenges of IoT.”
Founded by Silicon Valley veterans with expertise in cyber security, IoT, deep learning, and networking, ZingBox was selected by the Stanford StartX programme.
Headquartered in Palo Alto, California, Dell Technologies Capital has offices in Boston and Israel.
Triventures is a venture capital fund that invests in medical device and digital health companies that impact the quality and cost of healthcare. The fund is based in Tel Aviv and Silicon Valley and has partnerships with medical device manufacturers, healthcare providers and consumer electronics companies. Among its notable strategic investors are Medtronic, Abbott, Boston Scientific, Johnson & Johnson, Cardinal Health and Intermountain Healthcare.