Cybersecurity startup EXEIN from Rome has raised a €2 million funding round from United Ventures for its IoT firmware security solution. The company was founded in July this year as a spin-off project undertaken of an Italian cybersecurity company Aspisec led by its CEO Gianni Cuozzo.
EXEIN claims that firmware has become the weak point in the Internet of Things space due to low budgets — less than 30 percent of the total device cost — set aside for it. It also stated that the number of firmware-related cyberattacks has raised 50 percent in the past year.
In order to solve the problem, EXEIN claims to have developed a software and middleware solution that can be “injected” into existing hardware and would work directly with the firmware.
“The IoT market is set to reach $267 billion by 2020,” Cuozzo said. “The SCADA market is similarly set to reach $32.7 billion by the same date, and with 90 percent of firmware unsecured, there is a clear and vital need for a unique solution like EXEIN which is not only a retrofitting application but already compatible with most firmware such as bare-metal firmware, real-time based firmware, and Linux-based firmware.”