IoT cybersecurity firm, Qomodo, has announced it raised $1.6m in a pre-seed funding round.
The investment was led by Expeditions Fund with participation from Amadeus Capital Partners, Auriga Cyber Ventures, Nio Advisors, McNally Capital, Ventures Together, and Techstars.
Qomodo, founded by a team of ex-BAE Systems and NATO cyber security experts, specialises in extended Internet of Things (XIoT) cybersecurity. The company focuses on detecting and preventing threats at the host level within embedded systems. XIoT includes devices that connect physical systems to the internet, extending beyond traditional servers and laptops.
The company plans to use the new funding to enhance its platform-agnostic software agents and support its outreach efforts in Europe and the US. This will enable Qomodo to engage directly with customers and refine its product’s market fit.
Qomodo’s advanced IoT observability and threat prevention software agents integrate cutting-edge machine learning technologies to proactively detect and block intrusions, safeguarding critical infrastructure without impacting system performance on host IoT devices. The software can profile the behaviour and vulnerabilities of devices, going beyond common network-based detection products.
Qomodo CEO Toby Wilmington commented, “The acceleration in the adoption of IoT devices, coupled with insufficient security measures, is creating huge risk. There has been a 400% increase in malware targeting IoT and attacks are costing the UK alone £1 billion a year.
“Our intelligence-led approach and robust, resource-efficient software agents are essential weapons in ensuring the security and resilience of IoT ecosystems against the backdrop of international cyber warfare.”
Miko Firlej, founding partner of Expeditions Fund, said, “Since we first met Toby, Adam, and Kane we were immediately excited about the opportunity to partner with qomodo. The founding team has not only an excellent pedigree from companies like Recorded Future, BAE, or Leonardo but they are also IoT domain experts and they know each other well.
“We believe that the company has built a differentiated product by offering an embedded software agent tailored specifically for the manufacturers of IoT devices coupled with the honeypot network, which allows to expand intelligence data related to IoT hacking attempts.”
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