ZingBox, an Internet of Things (IoT) security solution provider, on Thursday announced having raised $22 million in a Series B round led by Dell Technologies Capital and Tri Ventures.
ZingBox plans to use the additional capital to increase headcount to accelerate product capabilities and expand market reach in the next year. It also aims to meet the demand for its IoT Guardian technology that addresses several challenges organisations face when tackling IoT-related security issues.
Story so far
ZingBox was founded by Xu Zou (CEO), May Wang (CTO), and Jianlin Zeng (VP of Engineering), who are Silicon Valley veterans with expertise in areas like cybersecurity, IoT, deep learning, and networking. The startup was selected by the Stanford StartX programme and also counts GSR Ventures, Envision Ventures, and Oriza Ventures among its investors.
Enabling the ‘Internet of Trusted Things’, ZingBox provides hospitals, companies, and manufacturing facilities with IoT security software that helps ensure service delivery. ZingBox notes that its approach is based on deep learning and enforcement of trusted behaviour.
ZingBox also claims that its IoT Guardian is the industry’s only IoT security solution based on device personalities. It leverages machine learning to discover and assess risk and baseline normal behaviour, detect anomalous activities, and provide real-time remediation across an organisation’s entire IoT footprint. ZingBox said in a statement,
The patent-pending solution has a deep grasp of each IoT device’s personality, analysing communication to and from every device, watching constantly for deviations in behaviour and providing alerts for suspicious behaviour.
Raman Khanna, Managing Director, Dell Technologies Capital, said in a statement, “As more and more hospitals, retailers, and businesses deploy IoT solutions, security is at the top of the mind and ZingBox’s machine-learning approach to IoT security helps them address this fundamental challenge.”
Sector overview and future plans
The global IoT market is expected to grow from $170.57 billion in 2017 to $561.04 billion by 2022 at a compound annual growth rate (CAGR) of 26.9 percent, according to a report by MarketsandMarkets. Closer home, the Indian IoT market value is expected to touch $9 billion by 2020.
A more connected world also means that more devices are now vulnerable to hackers. Verizon, Symantec, and Karamba Security are among the few players that operate in this space.
ZingBox noted that it was recently among Gartner’s 'Cool Vendors in the Internet of Things, 2017' report. ZingBox also announced having entered into a strategic partnership with SoftBank C&S to expand the company’s global presence earlier this year. SoftBank C&S is a global channel partner introducing the ZingBox IoT Guardian solution to the Japanese market and beyond.