Sepio Systems, which offers rogue device mitigation software, has closed a $4m investment, just months after closing its Series A on $6.5m.
The new capital injection was led by Munich Re Ventures, with additional support coming from Hanaco Ventures.
The US cybersecurity company helps organisations to uncover hidden hardware attacks. The Sepio Prime solution gives security teams full visibility into their hardware assets and their behaviour in real-time. The startup offers an end-to-end solution which detects and mitigates hardware-based attacks, rogue peripherals, invisible network devices and manipulated firmware.
Sepio Prime is being used by over 25 banks, insurance, and telecom companies in the US, Singapore, Brazil, South Africa and Israel.
In conjunction with the investment, Sepio and Munich Re are working together in a new partnership. The agreement will see Munich Re implement the Sepio solution to improve its rogue device mitigation capabilities.
Munich Re head of new technologies and AI underwriting Dr. Andre Knoerchen said, “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.”
The cybersecurity company is hoping the fresh funding will help continue its growth efforts. The company recently began its European expansion efforts opening a research and development office in Portugal and other offices in the UK and Germany.
“Sepio is filling a critical gap in hardware security by providing visibility and management of attacks from an organization’s network to its physical layer,” said Jacqueline LeSage Krause, managing director, Munich Re Ventures. “Sepio’s ability to fingerprint physical devices and detect rogue behavior is attracting interest from global organizations seeking to understand what rogue devices are living in their walls and on their networks. We look forward to working with Sepio on growing their market presence and product offering.”
Sepio Systems previously closed a $6.5m in its Series A round in November 2019, following contributions from Hanaco Ventures, Merlin Ventures, Energias de Portugal, Mindset Ventures and Pico Partners.
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