Sternum Raises $27M to Secure IoT Devices

Sternum Secures $27 Million in Series B Funding

Sternum, an IoT cybersecurity startup established three years ago and headquartered in Tel Aviv, has successfully raised $27 million in Series B funding. This funding round was spearheaded by Spark Capital.

The Growing Concern of IoT Cybersecurity

The prevalence of Internet of Things (IoT) devices is rapidly increasing. However, cybersecurity vulnerabilities continue to be a significant issue. According to data from Kaspersky, the number of attacks targeting IoT devices more than doubled in the first half of 2021.

The security weaknesses of these devices – often stemming from easily compromised default passwords and insecure components sourced from third parties – are now drawing scrutiny from governmental bodies.

Sternum's Approach to IoT Security

Sternum is focused on addressing this escalating challenge by delivering embedded security solutions for IoT devices. These solutions can be integrated during the manufacturing process or applied to existing devices throughout their operational lifespan.

The company states its technology has been successfully integrated into code dating back to 2013. It provides real-time actionable intelligence and active threat mitigation for any internet-connected device.

Protecting Devices from Exploitation

This includes routers, smart toys, medical equipment, and critical infrastructure. Sternum’s technology actively prevents the exploitation of both known and previously undiscovered vulnerabilities.

“Currently, no other product offers the capabilities that Sternum provides,” explains Natali Tshuva, CEO and co-founder of Sternum, in a statement to TechCrunch. “Many existing solutions can detect anomalies, but they lack the ability to directly protect the device from being compromised.”

Tshuva further elaborated, “We’ve developed novel algorithms capable of identifying attacker fingerprints in real-time and effectively blocking attacks.” Before establishing Sternum, Tshuva served as a software developer within Unit 8200, the Israeli Defense Force’s intelligence unit.

Funding Details and Future Plans

In addition to Spark Capital, the funding round included participation from existing investors such as Square Peg Capital, the Hinrich Foundation, and European venture capital firm btov.

Sternum reports that this represents the largest funding amount ever secured by a security and analytics company founded and led by a woman. The investment will be allocated to research and development, platform enhancement, and expansion of the company’s workforce.

Currently employing 20 individuals, Sternum intends to triple its staff to 60 employees.