California-based Viakoo, an IoT security provider for enterprises, today announced it has raised $10 million in a series A round of funding led by Shasta Ventures and existing investors Stanley Black & Decker, PivotNorth Capital, and Blue Fog Capital.
This latest round will be used to expand executive leadership, and investment in product development and go-to-market. The company is also launching its Viakoo Action Platform suite of cyber modules, which remediate and repatriate IoT devices, meeting the growing demand for enterprise IoT device management and vulnerability remediation at scale.
IDC estimates that more than 40 billion connected IoT devices will be operating by 2025, and each one is a potential entry point into a business. However, manually managing device security across multiple locations, which may include cameras, kiosks, intercoms, and other equipment, is impossible at scale. Viakoo confronts the issue of managing outdated and insecure devices and IoT systems, shrinking the massive modern attack surface used for ransomware and data exfiltration of business devices, networks, applications, and private data.
“Today’s enterprises are experiencing cyber vulnerabilities caused by thousands of unmanaged and IoT devices that keep their employees and facilities secure, and perform critical functions to ensure the business or facility runs smoothly,” said Nitin Chopra, Managing Director, Shasta Ventures. “Viakoo enables organisations to secure, manage, and remediate both loosely and tightly coupled devices like medical equipment, point-of-sales systems, HVAC, video security and other IP-based systems at scale.”
This latest funding round allows the company to put additional development resources behind its Viakoo Action Platform, which delivers remediation and repatriation of IoT devices, enabling them to join or rejoin as a full network citizen replete with an audit trail for governance and compliance. Coupling hundreds or even thousands of devices at a scale, Viakoo said it automatically discovers, monitors, and updates device firmware, passwords, and network certificates for unlimited devices across an enterprise to keep them operational, reliable and secure.