April 10, 2018 / 12:00 PM / 5 months ago

Israeli automotive cyber firm Karamba Security raises $10 mln

TEL AVIV, April 10 (Reuters) - Israeli automotive cybersecurity provider Karamba Security said on Tuesday it has secured $10 million of funding from Silicon Valley-based venture debt firm Western Technology Investment, bringing the total investment in Karamba to $27 million.

Previous investors in Karamba include Washington-based cyber-focused Paladin Capital, YL Ventures of California and Liberty Mutual Strategic Ventures.

“Our ongoing operations are well funded from the previous $17 million raised last year,” Karamba CEO Ami Dotan said.

“This new funding provides a line of capital we can use as needed for inorganic growth to expand Karamba’s solutions suite across the rapidly evolving automotive landscape.”

The company said inorganic growth will include acquiring companies and technology assets to accelerate the progress of its security portfolio for connected and self-driving cars. (Reporting by Tova Cohen)

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