VinFast pours capital into Israeli auto security startup

Illustrative image (Photo: congnghevadoisong.vn)

Hanoi (VNA) - Karamba Security, an Israel-based security startup, has announced that it received additional 10 million USD in the series B round led by Vietnamese auto maker VinFast, a member of Vietnam’s VinGroup conglomerate.

The round also saw the participation of other major investors such as SVIC, YL Ventures, Fontinalis Partners, Presidio Ventures, Glenrock, Paladin Group, Asgent and Liberty Mutual.

The round has brought Karamba’s total funding to 27 million USD, according to the FinTech Global newspaper.

Karamba said investors in the round are motivated by its strong customer base and leadership in IoT and automotive security.

Founded in 2016, Karamba focuses on securing the entire life cycle of a device without interference of supply chain processes or research and development. The company also has locations in Israel, Germany and the US.

VinFast Deputy CEO Pham Thuy Linh was quoted as saying Karamba could help VinFast, and other OEMs and IoT device manufacturers, comply with the new cyber security regulations, something that is essential for its expansion plans into the European and US markets./.