JPMorgan-Backed Exein Raises €100 Million to Halt Car Hackers

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(Bloomberg) — Italian startup Exein SpA has raised €100 million ($118 million) in fresh funding with the goal of keeping hackers out of connected devices including cars, home routers and baby monitors.

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The round was led by venture capital firm Blue Cloud Ventures, with participation from investors HV Capital, Intrepid, Geodesic, and JPMorgan Chase & Co, Exein said Thursday.

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Exein, formed in 2018, deploys software that sits in a device’s computer chip to protect against hackers, known as embedded security. The goal is to protect hardware products that are vulnerable to hacks because they aren’t routinely updated by users.

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The company targets manufacturers of products sometimes described as the “internet of things,” where almost anything with a chip is connected to the internet. That can mean domestic appliances and cars, but also vital hospital equipment or industrial control systems used in manufacturing or energy management. These latter, critical systems are increasingly popular targets for cyberattacks.

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Exein says its software can work alongside the device’s code as it’s operating, and can provide forensic information if a device is hacked. Where other tools take a static look at a device’s code before it’s shipped out to the world, Exein can provide companies or law enforcement with live information, helping prevent future incidents and track down bad actors.

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One example given by founder and Chief Executive Officer Gianni Cuozzo in an interview with Bloomberg News was a bank hack in 2024. Exein was able to provide investigators with forensics data from the point of entry into the network — a connected vending machine that used a network controller manufactured by an Exein client. Cuozzo declined to name the bank. 

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Cuozzo said the company has benefited from cybersecurity regulation, such as the European Union’s Cyber Resilience Act which stipulates minimum security requirements for digital products and services and will take full effect in December 2027. 

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“In Europe without embedded security you cannot access the market,” Cuozzo said.

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Businesses are also demanding higher security standards from their suppliers, who then turn to Exein, he said. The company’s technology is deployed in around 1.5 billion devices, he said.

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The startup plans to pursue mergers and acquisitions with the latest fundraise to build out its offerings. The financing follows a €70 million Series C funding in July which drove expansion in North America and Asia.

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—With assistance from Jordan Robertson.

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