In Series B funding, ZingBox has pulled in $22 million. The funding round was led by Dell Technologies Capital and TriVentures, joining GSR Ventures, Stanford Start-X, Oriza Ventures, and Envision Ventures.
“We are honored 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 a revolutionary solution designed from the ground up to address the unique security challenges of IoT,” said Zou.
The startup was founded in 2014 by Xu Zou and May Wong and provides manufacturing facilities, companies, and hospitals with Internet of Things security (IoT). The approach of ZingBox is based on enforcement of trusted behavior and deep learning.
This funding comes less than a month after the company offered free access to their platform for healthcare facilities in need. Qualifying institutions can use the company’s IoT Guardian SaaS at no cost while working on an IoT strategy of their own.
“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,” said Raman Khanna, managing director of Dell Technologies Capital, in a statement.
IoT Guardian is the only IoT solution that is based on device personalities. It uses sophisticated machine learning to discover risk, assess it, baseline normal behavior, detect abnormal behavior, and provide remediation in real time over an organization’s entire IoT footprint.
Dell Technologies Capital is the venture investment arm of Dell Technologies family of businesses, including Dell, Dell EMC, Pivotal, RSA, SecureWorks, Virtustream, and VMware. It invests in innovative entrepreneurs in seed and early stage investments. The firm has invested in Redis Labs, GuardiCore, Big Switch Networks, and iquazio in the past.
“Dell Technologies Capital invests in innovative founders and companies that can utilize our technical resources and unique go-to-market channels to bring their breakthrough technology to customers around the globe,” said Raman Khanna, managing director of Dell Technologies Capital. “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.”
TriVentures is a venture capital fund that focuses on digital health and medical device technologies. They offer seed and later stage investments in the fields of healthcare and software. Its team has experience in engineering, medicine, investing, founding startups, and working with strategic investments. TriVentures has also invested in EyeYon, Medisafe, OrthoSpace, and LifeBEAM.
“We are thrilled to partner with ZingBox and its talented team. The company brings the right solution at the right time for healthcare organizations that need real time visibility and cyber protection to optimize operations and provide uninterrupted, quality patient care,” said Dr. Peter Fitzgerald, Co-Founder & Managing Partner, TriVentures. “ZingBox's deep and unique understanding of IoT and medical device behavior delivered in a seamless SaaS solution will be a game-changer for its customers.”
The California-based company expects to expand its staff over the next year, which is projected to grow the company’s market reach and boost product capabilities.
“With the additional funding, we intend to grow our existing partnerships as well as recruit additional partners to extend our reach and meet the growing demand for our market-leading solution,” Zou said.