qomodo raises GBP 1.3 mln for advanced IoT cybersecurity solutions

Wednesday 22 May 2024 08:20 CET | News

Italy-based fintech startup qomodo has secured GBP 1.3 million in Pre-Seed funding to further augment its cybersecurity platform and support outreach in Europe and the US.


Founded by a team of ex-BAE Systems and NATO cyber security experts, qomodo has pioneered the development of an advanced system for extended Internet of Things (XIoT) cybersecurity, focused on the detection and prevention of threats at the host level within embedded systems.

qomodo has secured GBP 1.3 million in Pre-Seed funding to further augment its cybersecurity platform and support outreach in Europe and the US.

XIoT and its vulnerabilities

XIoT encompasses devices that connect physical systems to the internet, extending beyond traditional servers and laptops.

Nation-states like Russia, China, and North Korea are actively engaged in sophisticated cyber operations targeting critical infrastructure across the globe. These often leverage vulnerabilities in extended IoT environments, exemplified by high-profile cyber-attacks such as the NotPetya incident, which caused over GBP 950 million in damages globally.

With increasing reliance on IoT technologies in sectors vital for national security and economic stability, nation-state actors and cybercriminals are aiming to exploit the rapid technological integration and existing security gaps within the IoT.

How qomodo combats cybercrime

qomodo's advanced IoT observability and threat prevention software agents are designed to counter these threats by integrating machine learning tech to proactively detect and block intrusions, thereby safeguarding critical infrastructure without impacting system performance on the host IoT device.

qomodo is able to ‘see’ into what were once ‘black box’ devices, and profile their behaviour and vulnerabilities.

Officials from qomodo said the acceleration in the adoption of IoT devices, coupled with insufficient security measures, is creating huge risk. There has been a 400% increase in malware targeting IoT, and attacks are costing the UK alone GBP 1 billion a year. Their intelligence-led approach and robust, resource-efficient software agents are essential weapons in ensuring the security and resilience of IoT ecosystems against the backdrop of international cyber warfare.

The capital raised in this round will enable qomodo to further enhance its platform-agnostic software agents and support the company’s outreach in Europe and the US, enabling direct engagement with customers and helping to refine the product’s market fit.

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Keywords: cybersecurity, cybercrime, funding, IOT, fraud prevention
Categories: Fraud & Financial Crime
Companies: Qomodo
Countries: World
This article is part of category

Fraud & Financial Crime


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