qomodo, a cybersecurity company specialising in securing the “extended” Internet of Things (XIoT), has secured £1.3 million in a pre-seed funding round. This innovative firm is on a mission to safeguard critical infrastructure from cyberattacks targeting XIoT devices – a rapidly growing category that connects physical systems to the internet.
Back in April, we had also reported about an interesting update regarding Thoma Bravo acquiring UK cybersecurity unicorn Darktrace for $5.3B.
The funding round was led by Expeditions Fund, with participation from investors including Amadeus Capital Partners, Auriga Cyber Ventures, and several other prominent venture capital firms.
qomodo’s founders boast a distinguished pedigree in cybersecurity. The team comprises former cyber security experts from BAE Systems and NATO, with experience honed during their participation in the 2023 Techstars accelerator program.
Their focus is on XIoT, which encompasses a broader range of internet-connected devices than traditional servers and laptops. These devices play an increasingly crucial role in critical infrastructure sectors like energy, transportation, and healthcare.
The growing threat landscape
Nation-state actors and cybercriminals are increasingly targeting XIoT vulnerabilities to disrupt critical infrastructure. The press release cites the NotPetya incident, a high-profile cyberattack that caused an estimated £950 million in global damages, as a stark example.
qomodo argues that the rapid adoption of XIoT devices, often coupled with inadequate security measures, creates a significant security risk. The company cites a 400% increase in malware targeting XIoT devices and estimates that such attacks cost the UK alone £1 billion annually.
qomodo’s AI-powered defence system
To address these growing threats, qomodo has developed an advanced software solution designed to protect XIoT devices. Their approach utilises “micro software agent technology” equipped with machine learning capabilities. These agents are deployed directly on XIoT devices, enabling them to “see” into the device’s behaviour and identify potential vulnerabilities.
This approach goes beyond traditional network-based detection methods by offering host-level protection within the XIoT device itself. qomodo’s software agents can proactively detect and block intrusions, safeguarding critical infrastructure without impacting device performance.
What will the startup do with the raised money
The recent funding will allow qomodo to refine its platform-agnostic software agents and expand its outreach efforts in Europe and the US. This will involve direct customer engagement and further product development to ensure a strong market fit.
Investors see significant potential in qomodo’s technology. Miko Firlej, Founding Partner at Expeditions Fund, highlights the team’s expertise and the differentiated approach offered by their embedded software agents. James Baker from Amadeus Capital Partners emphasises the growing need for robust security solutions as XIoT becomes more integrated into critical infrastructure.
What we think about the startup
qomodo’s funding and its innovative approach position the company to play a vital role in securing the future of XIoT. As our reliance on interconnected devices grows, solutions like qomodo’s AI-powered software agents become increasingly essential for safeguarding critical infrastructure and mitigating the risks posed by cyberattacks.
