Qomodo has raised a £1.3 million pre-seed funding round to secure the Internet of Things against cyber threats.
Founded by a team of ex-BAE Systems and NATO cybersecurity experts who participated in a Techstars 2023 cohort, qomodo has pioneered the development of a system for ‘extended IoT’ cybersecurity, focused on the detection and prevention of threats at the host level within embedded systems.
‘XIoT’ encompasses devices that connect physical systems to the internet, extending beyond traditional servers and laptops.
Nation-states like Russia, China and North Korea are actively engaged in sophisticated cyber-operations targeting critical infrastructure across the globe. These often leverage vulnerabilities in extended IoT environments, exemplified by high-profile cyber-attacks such as the NotPetya incident, which caused over £950 million in damages globally.
With increasing reliance on IoT technologies in sectors vital for national security and economic stability, nation-state actors and cybercriminals are aiming to exploit the rapid technological integration and existing security gaps within the IoT.
The round was led by Expeditions Fund with participation from Amadeus Capital Partners, Auriga Cyber Ventures, Nio Advisors, McNally Capital, Ventures Together and previous investor Techstars.
“The acceleration in the adoption of IoT devices, coupled with insufficient security measures, is creating huge risk,” said Toby Wilmington, CEO. “There has been a 400% increase in malware targeting IoT and attacks are costing the UK alone £1 billion a year.
“Our intelligence-led approach and robust, resource-efficient software agents are essential weapons in ensuring the security and resilience of IoT ecosystems against the backdrop of international cyber warfare.”
The capital raised in this round will enable qomodo to further enhance its platform-agnostic software agents and support the company’s outreach in Europe and the US, enabling direct engagement with customers and helping to refine the product’s market fit.
Miko Firlej, founding partner at Expeditions Fund, said: “Since we first met Toby, Adam, and Kane we were immediately excited about the opportunity to partner with qomodo.
“The founding team has not only an excellent pedigree from companies like Recorded Future, BAE, and Leonardo but they are also IoT domain experts and know each other well.
“We believe that the company has built a differentiated product by offering an embedded software agent tailored specifically for the manufacturers of IoT devices coupled with the honeypot network, which allows it to expand intelligence data related to IoT hacking attempts.”