I’m thrilled to announce our Series B funding today. It’s a great milestone for us, and reaffirms our vision and strategy to deliver a revolutionary and much needed solution to market. As we geared up for this announcement, I was asked repeatedly what this funding means to ZingBox. Here are my thoughts on the significance of this announcement:
- It validates the market – The latest round of funding confirms what we have known for the past few years and the reason why we established ZingBox in 2014. IoT adoption is accelerating at a rapid pace. In fact, many market predictions considered to be over-estimates at the time (e.g., over 20 billion IoT devices in use by year 2020) are now considered to be conservative estimates.
- IoT threats are real – If you are a fan of a particular TV series, you’ll know that not everyone believes “White Walkers” are real. Well, IoT threats are very real. The Mirai attack in 2016, followed by the barrage of attacks in 2017 kicked off by WannaCry ransomware, exemplifies the rapid pace of attacks we face today. These attacks are not merely targeting traditional IT assets such as PCs and laptops. They are targeting IoT devices as a way into the enterprise infrastructure or to disrupt critical services.
- We are on the right path – Taking a new unchartered approach to IoT security is not an easy task. Others tend to take existing technologies or products that work reasonably well in the IT security world and tweak it in the hopes that it can be applied to IoT. We believe the unique new natures of IoT require a fundamentally different approach, and Machine Learning is the only way to scale up to secure all IoT. The latest round of funding reaffirms that the challenging path we took to design an IoT security solution from the ground up specifically for IoT devices was indeed the right path.
Although it has taken a lot of effort to get to this point, we are excited that we can continue to lead the industry with even more innovative products and better quality of services. We’ll double down on our R&D to continually enhance our device personality approach to IoT security, as well as extend our reach to more customers.