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Cybersecurity group Karamba Security has secured $10 million in new funding in an extension to its B Round financing. VinFast, a member of Vingroup, the largest private conglomerate in Vietnam, led the investment.

This brings the total capital invested in Karamba Security to $27 million.

The company will use the new funding to accelerate development of its product roadmap to meet customer demands to comply with newly created regulations.

Karamba Security’s products protect connected devices against cyberattacks.

Its services are used by connected device manufacturers in automotive, renewable energy, enterprise edge and IoT.

VinFast recently announced the establishment of its headquarters in California. The move will create at least 1,065 new full-time jobs in the U.S.

VinFast deputy CEO, Ms. Pham Thuy Linh, says: “Based on our view of the market and extensive technical evaluation, witnessing first-hand Karamba’s core technology and learning from other OEMs, we see how well-positioned Karamba is to help our companies leapfrog ahead on their paths to cybersecurity. We are particularly impressed with their product leadership and customer traction. In addition, they can help us–as well as other OEMs and IoT device manufacturers–to comply with the new cybersecurity regulations, such as UN and ISO/SAE automotive cybersecurity requirements and the U.S. Executive Order for Cybersecurity, something that is essential for our expansion plans into the European and U.S. markets.”

Ami Dotan, Karamba co-founder and CEO, adds: “National and individual risks of cyberattacks on IoT devices and connected vehicles have driven strong regulatory requirements. IoT device manufacturers and automotive OEMs are in an urgent need to comply with such regulations, without changing R&D processes, delaying time to market, or increasing product manufacturing costs. Karamba’s one-stop-shop offering of products and services has driven strong market traction of such OEMs and IoT device manufacturers, who are attracted to Karamba’s seamless security throughout the device lifecycle.”

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Established in 2017, VinFast owns a state of the art automotive manufacturing complex that boasts up to 90% automation in Hai Phong, Vietnam.

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