Rockville, Maryland-based Sepio Systems secured an additional $4 million in funding from Munich Re Ventures and Hanaco Ventures, adding to the cybersecurity hardware device company’s Series A totaling $10.5 million for the round.
Founded in 2016, Sepio Systems specializes in rogue device mitigation. It manages a SasS platform that protects its clients against malicious hardware devices connected to their infrastructure that can used by cyber criminals for data theft, data manipulation or any other type of cyber attack, the company’s cofounder and CEO, Yossi Appleboum, told Technical.ly.
“Sepio’s mission is to decrease the level of threat from the hardware to be manageable,” Appleboum said. “Our technology is using physical fingerprinting of all devices connected to the infrastructure, [allowing] us to discover, monitor and block ghost devices, transparent network implants, tapping devices and more.” The company is able to monitor and protect these IT infrastructures by deploying security teams to work with each customer.
The new funding brings the company’s total venture capital to $15 million to date. Sepio Systems plans to use this latest investment to “accelerate innovation” and expand into new global markets.
“This partnership is just the first step in a long and collaborative relationship where customers will benefit from Sepio’s ability to create unique and innovative solutions to secure hardware devices while being backed by Munich Re’s performance guarantee insurance,” said Dr. Andre Knoerchen, head of new technologies and AI underwriting at Munich Re Ventures, in a statement.
Sepio Systems is headquartered in Rockville, with its core R&D center located in Tel Aviv and its machine learning center based in Lisbon. Appleboum said that due to the COVID-19 spread, its 25-person team is working from home during this time, but it’s too early to tell if the pandemic will affect the company’s business.
“We cannot predict, although we can assume, that the deal closure process will be longer,” said Appleboum. “We are getting into this unknown time with enough funding in our bank which is a good thing.”
Appleboum said despite the pandemic, it was important to announce this new funding and the company’s plan to continue working toward its mission.
“We believe that creating awareness to the hardware threat is a significant part of our mission,” he said. “COVID19 increases the risk — remote workers, connecting uncontrolled peripheral devices to their company issued computers may put their organizations in a major risk. Bad actors can get access to such equipment in an easier way without the physical security of the ‘past’ facilities.”-30-
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