Viakoo raises $10 Million to Scale automated IoT vulnerability remediation
October 29, 2021 By SP&T Staff
Software company Viakoo, announced it has secured $10 million in Series A funding led by Shasta Ventures, joining existing investors Stanley Black & Decker, PivotNorth Capital, and BlueFog 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.
“With support from our investors, Viakoo is entering its next chapter of growth to achieve its vision of helping customers defend their IoT attack surfaces across the enterprise,” said Bud Broomhead, CEO, Viakoo, in a company statement.
“We’ve already gained significant traction with large-scale customers, including cities, healthcare, education, and large data centres. With our latest investment, we are now in an excellent position to extend our leadership in IoT device vulnerability remediation.”
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 Viakoo confronts the issue of managing outdated and insecure devices and IoT systems, shrinking the massive modern attack surface used for ransomware and data exfiltration of business devices, networks,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 in a company statement.
“Viakoo enables organizations 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.
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