IoT security upstart ZingBox nabs $22m funding

Start-up which takes 'device personality' approach to IoT security looking to expand reach

Internet of Things (IoT) security specialist Zingbox has become the latest start-up to be showered with VC cash, with Dell's VC arm among its backers.

Zingbox, whose IoT Guardian offering takes a "device personality" approach to IoT security, says it will use a $22m (£17m) Series B funding injection to grow its headcount, improve its products and widen its market reach.

IoT Guardian uses machine-learning technology and has a "deep grasp" of each IoT device's personality, according to Zingbox. The patent-pending solution is designed to analyse communication to and from every device, watch for deviations in behaviour and provide alerts for suspicious behaviour.

Leading the funding round are Triventures and Dell Technologies Capital, the VC arm of Dell that came out of stealth mode this year.

Other start-ups in Dell Technologies Capital's portfolio include Cylance, Big Switch Network, Zscaler and mongoDB.

Some $1.51bn was poured into cybersecurity start-ups in Q2, the second-largest amount since Q1 2010, according to investment bank Momentum Partners.

Zingbox CEO Xu Zou, who co-founded the firm in 2014, said in a statement: "We are honoured by the support Dell Technologies Capital and Triventures have instilled in us.

"Their faith in our device personality approach to IoT security reaffirms our vision and strategy of offering revolutionary solutions designed from the ground up to address the unique security challenges of IoT."

Raman Khanna, managing director of Dell Technologies Capital, added: "Dell Technologies Capital invests in innovative founders and companies that can utilise our technical resources and unique go-to-market channels to bring their breakthrough technology to customers around the globe.

"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."