Karamba Security, a firm that specializes in cybersecurity solutions for autonomous and connected cars, on Tuesday announced that it has raised another $10 million, bringing the total raised to date to $27 million.
The latest funding round was led by Silicon Valley-based venture debt firm Western Technology Investment (WTI), which claims to have provided more than $5 billion of growth capital to companies in the past 38 years.
Karamba plans on using the newly obtained funds for inorganic growth, specifically to acquire companies and technology that will help accelerate the progress of its portfolio. The money will also be used to address the growing demand for its products, the firm said.
“Our ongoing operations are well funded from the previous $17 million raised last year. This new funding provides a line of capital we can use as needed for inorganic growth to expand Karamba’s solutions suite across the rapidly evolving automotive landscape,” said Karamba CEO Ami Dotan.
Since its launch in April 2016, Karamba Security says it has engaged with 17 automotive OEMs and tier-1 suppliers to help them secure their products. The company’s technology has been integrated with ARM, Intel, PowerPC, and Infineon chips, along with QNX, Linux and various RTOS and AUTOSAR platforms on the operating system level.