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Karamba Security, which Protects Autonomous Cars, Raises $10 Million in Debt Financing

Karamba Security, which Protects Autonomous Cars, Raises $10 Million in Debt Financing

The Israel-based startup’s technology integrates with a vehicle's engine control unit, automatically blocking unauthorized commands

Tofi Stoler  :  2018-04-10T15:36:59..
Israel-based Karamba Security Ltd., a developer of cybersecurity systems for autonomous vehicles, has raised $10 million in debt financing from California-based venture lending firm Western Technology Investment, the company announced Tuesday. Karamba said it would use the funding to acquire companies and technologies as part of its growth strategy.

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Founded in 2016, Karamba develops technology that integrates with a vehicle's engine control unit, automatically blocking unauthorized commands. The company has about 40 employees at its offices in Hod Hasharon, a town in the Tel Aviv metropolitan area, and in Tokyo and Michigan. The company says it works with 17 automakers and auto parts suppliers.

Karamba Karamba's co-founders David Barzilai, Assaf Harel, Ami Dotan and Tal Ben-David. Photo: PR Karamba

The loan brings the company’s total funding to $27 million. Previous investors include U.S.-based Liberty Mutual Insurance, Silicon Valley-based seed-stage venture capital firm YL Ventures, and equity investment company GlenRock Israel Ltd.

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The company also announced that two veterans of the U.S. automotive industry are joining Karamba’s board of directors—Paul Mascarenas, 2019 president-elect for SAE International (the Society of Automotive Engineers), and Bruce D. Coventry, a former Chrysler executive.

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