ZingBox’s focus on Internet of Things (IoT) security for healthcare organizations has won over some venture capital firms.
The Mountain View, Calif. cybersecurity startup announced today that it had raised $22 million in a Series B round of financing spearheaded by Dell Technologies Capital and Triventures. The company plans to invest in product development, increase hiring and expand into new markets.
The funding arrives less than a month after the company extended an IoT security lifeline to healthcare facilities by offering them free access to its platform. For a limited time, qualifying organizations can use the company’s IoT Guardian software-as-a-service product at no cost while they come up with an IoT security strategy of their own.
“As more and more hospitals, retailers and businesses deploy IoT solutions, security is top of mind and ZingBox’s machine-learning approach to IoT security helps them address this fundamental challenge,” said Raman Khanna, managing director of Dell Technologies Capital, in a statement.
IoT security is a growing concern for medical facilities, although not all of them are convinced.
According to a recent ZingBox survey, 90 percent of networks belonging to healthcare organizations have IoT devices on them. More than 70 percent of those polled were convinced that traditional security products used on PCs and servers can sufficiently protect medical IoT devices.
Those solutions may not be enough to shield vital, often life-saving medical equipment.
“IoT technology presents special challenges to a healthcare organization’s ability to protect itself from both insider threats as well as external cyber attacks across a wide range of attack vectors, as demonstrated by the most recent WannaCry ransomware and NotPetya ransomware attacks,” stated Zou in prepared remarks.
It’s been an active summer for cybersecurity startups seeking funding.
On Monday, Dragos, an Industrial Control System (ICS) security company, announced it had raised $10 million. Earlier this month, BlueteamGlobal, a cybersecurity services firm headed by Jim Rosenthal, former COO of Morgan Stanley, announced it had attracted $125 million in new funding.
Bricata, a Columbia, Md., cybersecurity startup, announced on July 25 that it had raised $8 million in a Series A round of financing. The firm’s intrusion detection and prevention product uses artificial intelligence technologies to sniff out threats.
Also in July, Accel Partners and other investors poured $9.2 million into Corelight. The San Francisco-based technology startup builds appliances that use Bro, an open-source network analysis framework, to help IT professionals quickly resolve network security issues.