Spark Capital has led $27 million of Series B funding for Sternum, an IoT cybersecurity startup that was founded in Tel Aviv three years ago.
While the Internet of Things is more popular than ever, cybersecurity remains a concern. According to Kaspersky, the number of attacks on IoT device more than doubled in the first six months of 2021. Governments are starting to notice the security credentials of IoT devices, which often come with simple-to-crack default passwords or insecure third party components.
Sternum is trying to address this problem by offering embedded security for IoT devices. These can be retrofitted or integrated at the point they are manufactured. Sternum claims that the technology was successfully embedded in code written in 2013. This technology provides actionable intelligence and active mitigation for any internet-connected device. It can be used on routers, smart toys, medical devices, critical infrastructure, and other devices.
TechCrunch is told by Natali Tshuva (CEO and co-founder) that no existing product can do what Sternum does. While most solutions on the market today can detect anomalies, they cannot protect the device against exploitation.
Tshuva said that we have developed new algorithms that can identify the fingerprints and prevent attacks in real time. Tshuva worked as a software developer in Unit 8200 of the Israeli Defense Forces, which is the Israeli equivalent to the U.S. National Security Agency.
Sternum reports that the funding round also included participation from Square Peg Capital and the Hinrich Foundation. It is the largest ever amount raised by a female-founded, led security and analytics company. Sternum plans to use the investment for research and development as well as to expand its workforce. Sternum currently has 20 employees and is looking to triple that number to 60.
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