qomodo, the Internet of Things (IoT) cybersecurity company, has announced the successful raising of £1.3 million in a pre-seed funding round led by Expeditions Fund, with participation from Amadeus Capital Partners, Auriga Cyber Ventures, Nio Advisors, McNally Capital, Ventures Together, and previous investor Techstars.
Founded by former BAE Systems and NATO cybersecurity experts from the Techstars 2023 cohort, qomodo has developed an advanced system for extended Internet of Things (XIoT) cybersecurity. This system 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.
With IoT technologies increasingly integral to sectors crucial for national security and economic stability, cybercriminals and nation-state actors are seeking to exploit rapid technological integration and existing security gaps within IoT.
qomodo’s advanced IoT observability and threat prevention software agents counter these threats by employing cutting-edge machine learning technologies to proactively detect and block intrusions, thereby protecting critical infrastructure without impacting the performance of host IoT devices. qomodo can monitor ‘black box’ devices, profilling their behaviour and vulnerabilities, and surpassing common network-based detection products.
Toby Wilmington, CEO, qomodo 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.”
The funds raised will enable Qomodo to enhance its platform-agnostic software agents and expand its outreach in Europe and the US, allowing for direct customer engagement and refinement of the product’s market fit.
Miko Firlej, Founding Partner, 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, and Leonardo but they are also IoT domain experts and 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.”
James Baker, Investment Manager, Amadeus Capital Partners, added: “Organisations’ cyber-physical systems now extend across all operations, from industrial, transport, energy, healthcare to enterprise environments, and governments are regulating to increase protection, such as the UK’s Product Security and Telecommunications Infrastructure (PSTI) regime. We are pleased to be backing qomodo’s first-of-its-kind threat prevention system for these increasingly complex but essential systems to modern life.”
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