Exein, an Italian firm, has raised a significant amount of money to spread its AI-powered on-device cybersecurity globally.

Balderton is leading a €70 million ($76 million) Series C funding round for Exein, an Italian startup that offers cybersecurity for Internet of Things (IoT) devices. As the number of IoT devices increases—from smartwatches to internet-connected refrigerators and thermostats—the risk of hackers stealing or extorting private information is increasing.

Because Exein's so-called "digital immune system" is fully on-device and not dependent on any centralized cloud service, it is more difficult for outside threats to infiltrate. This is its main selling point. Exein now offers security for over 1 billion devices worldwide after negotiating agreements with top chipmakers and manufacturers, including Supermicro, Mediatek, and Kontron. The company intends to utilize the new money to grow into the US and some regions of Asia while bolstering its position in Europe, with support from Lakestar and the leading European venture capital firm Balderton.

Elena Moneta, principal at Balderton, says the risks rise as critical infrastructure becomes more networked and software-defined, especially as AI enables attackers to hit more targets faster than before. Any one of these might be used to undermine the entire network, whether it's the smart fish tank in a hospital waiting room or the microwave on a military ship. By integrating real-time security on the edge, Exein addresses this issue at its source: on the device itself.

In addition, 33N, Partech, United Ventures, and Supernova took part in the round.