qomodo raises $1.6 million to secure the IoT against cyber threats
London – Monday 20th May 2024 - qomodo, the Internet of Things (IoT) cybersecurity company, today announced that it has raised a $1.6 million 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 a team of ex-BAE Systems and NATO cyber security experts who participated in a Techstars 2023 cohort, qomodo has pioneered the development of the most advanced system for extended Internet of Things (XIoT) cybersecurity, focused on the detection and prevention of threats at the host level within embedded systems. XIoT encompasses devices that connect physical systems to the internet, extending beyond traditional servers and laptops.
Nation-states like Russia, China and North Korea are actively engaged in sophisticated cyber-operations targeting critical infrastructure across the globe. These often leverage vulnerabilities in extended IoT environments, exemplified by high-profile cyber-attacks such as the NotPetya incident, which caused over $1.2 billion in damages globally. With increasing reliance on IoT technologies in sectors vital for national security and economic stability, nation-state actors and cybercriminals are aiming to exploit the rapid technological integration and existing security gaps within the IoT.qomodo's advanced IoT observability and threat prevention software agents are designed to counter these threats by integrating cutting-edge machine learning technologies to proactively detect and block intrusions, thereby safeguarding critical infrastructure without impacting system performance on the host IoT device. qomodo is able to ‘see’ into what were once ‘black box’ devices, and profile their behaviour and vulnerabilities, going beyond 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 capital raised in this round will enable qomodo to further enhance its platform-agnostic software agents and support the company’s outreach in Europe and the US, enabling direct engagement with customers and helping to refine 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, or Leonardo but they are also IoT domain experts and they 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.”
Geoffroy Rossett, Managing Partner, Auriga Partners, said, “In the fast-paced movement towards the full integration of the Industrial Internet of Things (IIoT) and Enterprise IoT, we found qomodo's simple, holistic, and modular approach and value proposition to be particularly relevant. We were also impressed by the quality of the founding team and by the vision and leadership of Toby, its CEO."
qomodo research: “Stopping the Bad: Navigating the Expanding Attack Surface in a World of XIoT”.
About qomodo
We're working towards a more secure and interconnected future. As cyber threats and cyber warfare escalate, our mission is to pioneer sophisticated cybersecurity solutions that safeguard XIoT, Industrial Internet of Things (IIoT), and Enterprise IoT environments.
Our approach using micro software agent technology powers our Host-Based Intrusion Detection and Response System (HIDRS) capabilities, representing the forefront of our product suite aimed at minimising risks across the XIoT landscape. This micro agent technology is designed with precision to blend artificial intelligence and machine learning capabilities for proactive threat identification and prevention.
Through our innovations, we assure the integrity, safety, and resilience of our clients' operations, and making it as simple as possible for IoT developers to make secure products, paving the way for a secure internet where businesses and governments can confidently exploit IoT technologies.
About Expeditions Fund
Expeditions Fund is a specialised, long-term, and patient venture capital fund that invests in early-stage technology companies building a future of security. The Fund focuses on cybersecurity, artificial intelligence, data infrastructure, dual-use/defence, the future of computing, privacy-enhancing technologies, and tech-bio. Find out more at https://www.expeditionsfund.com
About Auriga Cyber Ventures
Launched in 2022, Auriga Cyber Ventures is a 50M€+ early-stage investment fund 100% dedicated to European cybersecurity startups. Supported by cyber entrepreneurs, it relies on a network of more than 80 cybersecurity professionals to support the development of its portfolio. To date, ACV has realized 13 investments in areas as diverse as post-quantum cryptography, gen-AI privacy & security, embedded security, or Pentest-as-a-Service (www.aurigacyberventures.com).
About Amadeus Capital Partners
A trailblazer for three decades, we invest in people who create transformational technologies and sustainable businesses.
We back early stage and growth companies from our locations in Cambridge, London, Oxford, and San Francisco, and with our DACH partners Apex Ventures. Find out more here and follow us on LinkedIn and X.
