TEL AVIV, Israel--(BUSINESS WIRE)--Sternum, the pioneering IoT company that brings security, observability and data capture to every IoT device, announces the completion of its $27-million Series B funding round led by Spark Capital, with the participation of existing investors Square Peg capital, the Hinrich Foundation, the European VC firm btov, and other private investors, which represents a total of $37 million raised to date.
This is believed to be one of the largest amounts ever raised by a female-founded and led security and analytics firm, not limited to the IoT sector.
Sternum works in a fundamentally different way than any other autonomous IoT technologies. It recognizes that while IoT devices are brilliantly engineered – from tiny pacemakers to railway sensors – they are purpose-built for a single use, and hence are low on internal resources. So they are smart but not intelligent.
Those inherent limitations are transcended by Sternum, as it can embed its patented, code-free technology and software sensors inside all devices, enabling them to instantly become self-securing, while simultaneously collecting intimate data at runtime execution, and processing it in their intelligent cloud platform. This proprietary approach yields active-mitigation and prevention; data analytics; software and security alerts; quality and performance root-cause analysis; user behaviors, enabling new business models for IoT vendors and more.
Sternum plans to use its new funding for R&D – to advance its already successful and scalable platform – and to grow its team overall as it ramps up global go-to-market efforts.
It is well-established that the global IoT market is rapidly growing, and is expected to reach over $1,854.74 billion by 2028. This enormous market demands the Sternum solution, because without it, companies are unable to both secure their devices at scale, and be empowered with consistent visibility – including live data. This challenge is compounded by the sheer diversity of these edge devices – different operating systems, technology stacks, and industry functionality – and their pervasive reliance on third-party supply chain components.
Sternum is able to overcome the current untenable situation, where companies find themselves constantly patching vulnerabilities and collecting logs from their devices - and where updating devices is expensive, complex, and takes a long time to propagate - through its advanced binary analysis and instrumentation.
This is all made possible by the Company’s “Exploitation Fingerprint” ™ and code-free data capture technology which goes beyond security and observability to bring actionable intelligence and active-mitigation to any device – from routers to medical devices to small sensors to smart toys – collecting invaluable data about behaviors and operations, from development to production and in-field deployment. Simultaneously, it prevents attacks autonomously on-device during runtime execution – no connectivity needed.
The ability to both be universally retrofittable, and scalable to any device in the future no matter what the operating system or technology stack – with and virtually no overhead cost - is truly transformative; Sternum has been successfully embedded into code that was written in 2013.
“We could not be more thrilled that Spark Capital is now our lead investor,” said Natali Tshuva, co-founder and CEO of Sternum. “They have deep knowledge of our space, so their validation of our vision means a great deal. We seek to create a world where the ability of IoT to bring efficiency and insight to the global economy - and transform the lives of billions – can continue without encumbrance. This potential has been held back by the lack of an infrastructure for every smart IoT device. We are pushing the boundaries of what’s possible, by bringing security to these devices, and extracting data from them.”
"We couldn't be more pleased to lead the investment round for Sternum,” said Santo Politi, co-founder and general partner of Spark Capital. “From the first time we met Natali and her team we were deeply impressed by their combination of vision and executional prowess. We see the unmet needs in the IoT security and data space to be one of enormous promise. Sternum is perfectly poised to seize and lead this moment, with their no-code platform that creates truly autonomous devices that require no connectivity to be protected against exploitation."
Sternum is the only code-free, device-resident IoT security, observation, and data-harvesting company. The Company’s transformational, patented software can be embedded into any IoT device, no matter the underlying code, manufacturer, or year of production, and is actionable whether the device is connected or not. This self-sustaining, unified platform brings intelligence to otherwise non-communicative edge devices, enabling them to autonomously protect themselves without connectivity and generate real-time data; processing happens in the Sternum cloud platform when available. Sternum was founded in 2018 by a team of highly experienced research, development, and business leaders, many coming from the Israeli Defense Forces’ (IDF) elite 8200 unit.