ProvenRun, a Parisian cybersecurity company specifically focusing on connected vehicles and smart devices, has secured €15 million in a Series A funding round. The investment is earmarked to accelerate the company’s development of automotive security products as well as North American expansion plans.
ProvenRun’s €15 million Series A round was led by Tikehau Capital and arrives via the private equity firm's new cybersecurity-focused fund, one it claims to be the largest vehicle of its type dedicated to digital security in Europe. The Series A round also drew the participation of the French Ministry of Defence's Definvest fund, managed by Bpifrance.
While the IoT sector hasn’t been a hot topic for quite some time now, that’s perhaps for a good reason. It’s no longer an ‘image this possibilities’ discussion because a great deal of those possibilities are now realities.
Smart homes, smart devices, smart cars — they’re no longer theoretical or nascent, they’ve become part of our daily lives.
And so too have the risks of intrusion from nefarious actors.
Putting up a fight
Founded by serial entrepreneur Dominique Bolignano, whose experience in device security stems back some 24 years, ProvenRun says it offers the world’s most secure operating system and apps for connected vehicles and smart devices.
Backing up this claim, ProvenRun points to its ProvenCore OS offer, the only of its kind to obtain the highest level of certification by Common Criteria, an international standard that allows for products to be evaluated by independent licensed laboratories in order to determine security properties.
Security by design
A cybersecurity breach is never a good sign, but cyber attacks can have dramatically different outcomes depending upon the targeted industry. Identity theft can cause all sorts of problems. A remote intrusion of an automobile can cause an entirely different set of problems, ones with potential life-or-death consequences.
With ProvenRun’s ‘world’s most secure operating system’ in mind, it should come as no surprise that the company focuses on providing its cybersecurity solutions to industries such as aerospace and defence, automotive and semiconductor sectors.
Although the company is reticent to specifically name partners or clients, most presumably to further ensure security, it says that it has become a “pivotal partner in embedding software security in software-defined vehicles for carmakers and tier 1 suppliers."
Lead image via ProvenRun.