Karambit.AI, which helps companies secure their software supply chains, has received a $75,000 grant from the Virginia Innovation Partnership Corporation (VIPC).
This funding will be used to work with organisations in its pilot programme to see how effective its solution is at defending software supply chains.
Capital will also be used to help management engage with a broader set of potential customers to fine-tune the Karmbit.AI product development roadmap.
The FinTech stops software supply chain attacks by automatically finding unauthorised code modifications and keeping malicious software updates from being installed. Its technology can automatically detect malicious modifications and reduce manual analysis backlogs, as well as flag malicious code injections.
The Commonwealth Commercialization Fund (CCF) grant had distributed a total of $44m to Virginia-based startups, entrepreneurs and university-based investors since 2012.
VIPC VP for commercialization Sean Mallon said, “We are pleased to award a CCF grant to Karambit.AI. VIPC’s CCF grant program plays an important role in getting funding to Virginia-based pre-seed and seed-stage startups when they need it most.
“Our goal is to help Virginia companies grow and lead the nation in innovation, opportunity, and job creation. Karambit.AI’s co-founders Andrew Hendela and Eric Lee are great entrepreneurs and have exceptionally strong and relevant backgrounds in the cybersecurity space. The team at VIPC couldn’t be happier about putting our support behind them.”
The CFF accepts applications and awards funding on a rolling basis to Virginia’s small businesses and university-based innovators. The program seeks to fund high-potential Virginia-based for-profit technology companies at the early stage of commercialisation and provides grants up to $75,000.
These grants are intended to support technology and market validation efforts, such as customer discovery, market research, business model validation, development of prototypes, customer pilots and more.
In other CyberTech news, CommandK, an early-stage cybersecurity firm, has raised $3m in a seed funding raise led by Lightspeed.
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