IoT security startup ZingBox has raised $22 million in a Series B funding round led by Dell Technologies Capital and Tri Ventures. The new investment will enable ZingBox to meet strong demand for its award-winning IoT Guardian technology that addresses several challenges organizations face when tackling the IoT security problem.
The startup 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 utilize 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 solutions, security is top of mind and ZingBox’s machine-learning approach to IoT security helps them address this fundamental challenge.”
ZingBox IoT Guardian is an IoT security solution which is based on device personalities. It leverages machine learning to discover, assess risk, baseline normal behavior, detect anomalous activities and provide real-time remediation across an organization’s entire IoT footprint.
“We are thrilled to partner with ZingBox and its talented team. The company brings the right solution at the right time for healthcare organizations that need real time visibility and cyber protection to optimize operations and provide uninterrupted, quality patient care,” said Dr. Peter Fitzgerald, Co-Founder & Managing Partner, Triventures. “ZingBox’s deep and unique understanding of IoT and medical device behavior delivered in a seamless SaaS solution will be a gamechanger for its customers.”
“We are honored 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.”
ZingBox was recently named a Cool Vendor in Gartner’s May 2017 Cool Vendors in IoT Security, 2017 report. ZingBox also announced it entered into a strategic partnership earlier this year with SoftBank C&S to expand the company’s global presence. SoftBank C&S is a global channel partner introducing the ZingBox IoT Guardian solution to the Japanese market and beyond.