Red Balloon Security, a NYC-based developer of an embedded device security solution, secured $21.9m in Series A funding.
The round – which brings total financing to $23.5m – was led by Bain Capital Ventures, with participation from Greycroft, American Family Ventures and Abstract Ventures.
The company intends to use the funds to expand business operations as it deploys its embedded systems security technology, Symbiote Defense, across a wide range of industries.
Founded in 2011 by Dr. Ang Cui, CEO, Red Balloon Security is a security provider and research company for embedded devices across all industries. The company’s core technology, Symbiote Defense, originally developed within Columbia University’s Intrusion Detection Systems Lab, enables customers to detect, mitigate and recover from a wide range of emerging threats. It defends devices without requiring changes to source code or hardware design, all without impacting the functionality or performance of the device.
Symbiote Defense is already used by leading companies such as HP, Inc.