qomodo, an IoT cybersecurity company, has successfully raised $1.6 million in pre-seed funding.

This round was spearheaded by Expeditions Fund and saw contributions from Amadeus Capital Partners, Auriga Cyber Ventures, Nio Advisors, McNally Capital, Ventures Together, and returning investor, Techstars. The funding aims to bolster qomodo’s mission to fortify IoT security against escalating cyber threats.

Founded by former BAE Systems and NATO cybersecurity specialists who were part of a Techstars 2023 cohort, qomodo is at the forefront of developing cutting-edge security solutions for the Extended Internet of Things (XIoT). This system emphasises threat detection and prevention at the host level within embedded systems. XIoT includes devices that link physical systems to the internet, which extend beyond conventional servers and laptops.

The challenges of securing XIoT environments

Securing XIoT environments is a formidable challenge due to the diversity and complexity of these devices, their scalability, and the integration with legacy systems. This complexity spawns unique vulnerabilities, necessitating a comprehensive security strategy to safeguard the vast and interconnected XIoT landscape.

Moreover, increasing geopolitical tensions worldwide have complicated the cybersecurity landscape for XIoT. Heightened cyber-threat activities, particularly targeting critical infrastructure sectors, are influenced by geopolitical conflicts, such as those involving Ukraine and Russia, Israel and Gaza, and the tensions in the South China Sea. Notable state actors like Russia, China, and North Korea have escalated their cyber operations against global infrastructures, often exploiting XIoT vulnerabilities as seen in major incidents like the NotPetya attack, which resulted in damages exceeding $1.2 billion globally.

With the growing dependency on IoT technologies in sectors critical to national security and economic stability, it is imperative to address the rapid technological integrations and the existing security loopholes. qomodo’s advanced IoT observability and threat prevention tools employ cutting-edge machine learning technologies to preemptively detect and thwart intrusions, ensuring the security of critical infrastructures without compromising the performance of the IoT devices. The ability of qomodo’s tools to probe into previously opaque devices, identifying their behaviours and vulnerabilities, marks a significant advancement over traditional network-based detection methods.

The cybersecurity landscape of XIoT demands stringent standardisation, scalable security measures, and vigilant management of legacy systems and firmware vulnerabilities to secure the networks of these interconnected devices. Such proactive approaches are essential in protecting sensitive information, maintaining the integrity of XIoT systems, and preserving stakeholders’ confidence in their security and reliability.

Toby Wilmington, CEO of qomodo, highlighted the dramatic increase in IoT adoption and the associated security risks, noting a 400% surge in malware targeting IoT devices, costing the UK alone approximately £1 billion annually. “Our 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,” he added.

The funds raised will enable qomodo to enhance its platform-agnostic software agents and expand its market presence in Europe and the US, facilitating direct customer engagement and product refinement.

Miko Firlej, founding partner at Expeditions Fund, expressed enthusiasm about partnering with qomodo. From the outset, they were impressed by the founding team’s strong background from leading companies and their deep expertise in the IoT domain, he remarked.

James Baker, investment manager at Amadeus Capital Partners, noted the extension of organisations’ cyber-physical systems across diverse operations and the growing regulatory measures to bolster protection, such as the UK’s Product Security and Telecommunications Infrastructure (PSTI) regime.

Geoffroy Rossett, managing partner at Auriga Partners, praised qomodo’s straightforward, holistic approach to IoT security. “We were also impressed by the quality of the founding team and by the vision and leadership of Toby, its CEO,” he emphasised.

See also: Jason Mann, SAS: How IoT is shaping the world for the better

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Tags: cybersecurity, internet of things, IoT, study