Exein, the Italian company active in embedded cybersecurity for IoT devices, announces that it has completed a new €100 million financing round, bringing the total raised in 2025 to €170 million. The round was led by Blue Cloud Ventures, with participation from HV Capital, Intrepid Growth Partners, Geodesic Capital and J.P. Morgan.
Exein’s rapid growth reflects, on the one hand, the increase in attacks targeting companies and organisations around the world and, on the other, the shift to a security model based on protection integrated into individual devices, which is superior to traditional perimeter defences. The company’s embedded security platform already protects more than 1.5 billion devices in critical sectors such as energy, healthcare, defence, automotive, aerospace, industrial automation, semiconductors and robotics. By the first quarter of 2026, the number of protected devices will exceed two billion, thanks to the release of new technologies, the steady increase in IoT devices worldwide and increased regulatory pressure on security.
The €100 million raised, including capital and a structured credit line with J.P. Morgan, will be used by Exein to develop next-generation runtime security solutions for IoT devices, also protecting AI and large language models (LLMs) that operate directly on devices rather than in the cloud. The first release will be presented at the RSAC Conference 2026 in San Francisco; support a multi-deal M&A programme during 2026, with operations planned in Europe and the United States; and accelerate international expansion, with a specific focus on the US and APAC markets.
The escalation of cyber attacks with consequences in the physical world, from hospitals to airports, from transport to supply chains, is pushing manufacturers to abandon traditional defence models and integrate protection systems directly into devices. Exein’s platform embeds its AI-based runtime solutions into firmware, enabling devices to detect, contain and counter threats in real time, even without connectivity.
This approach allows manufacturers to more thoroughly verify the integrity and traceability of devices throughout the supply chain, while ensuring compliance with key global cybersecurity regulations (RED 3.3, future EU Cyber Resilience Act, US Cyber Trust Mark). In a context where connected devices now represent the largest and fastest-growing attack surface in the world, Exein has established itself as the leading global provider of embedded solutions.
The new funding comes after the €70 million Series C round closed in July 2025, which gave a strong boost to Exein’s expansion in North America and the Asia-Pacific region, including the opening of a new office in Taipei scheduled for early next year. During 2025, the company increased its revenues fivefold compared to the previous year, expanded its presence in critical infrastructure and industrial manufacturing, and entered into strategic partnerships with manufacturers and chipset providers such as Kontron and Mediatek.
In the five months since the July round, the company’s valuation has nearly doubled, confirming exceptional commercial results and rapidly growing demand for cybersecurity solutions integrated directly into devices.
Gianni Cuozzo, founder and CEO of Exein (pictured with Gerardo Gagliardo, CFO, and Giovanni Alberto Falcione, CTO), said in a statement: “This round confirms the rapid pace at which Exein is growing. In just one year, we have become a truly global company: we have consolidated our presence in the United States and Asia-Pacific and are now the world’s leading provider of embedded security by number of protected devices. This new financing will enable us to accelerate further in 2026 and support our M&A strategy as we open up new markets. It will also enable us to introduce the next generation of runtime technologies, which is likely to be the most significant advancement in our industry in nearly a decade. We will unveil the first evolution of this technology in the first quarter of 2026, continuing to develop a digital immune system capable of protecting the connected world for years to come.
Rami Rahal, founder and managing partner, Blue Cloud Ventures, says: “Connected devices represent the largest and least protected attack surface in the world today. Exein’s mission is critical, and its solution—bringing intelligent, real-time defence directly into devices—is exactly what the market needs as cyberattacks increasingly spill over into the physical world. We are proud to support Exein in building the digital immune system that will protect global infrastructure for the next decade.
Max Hauer, innovation economy banking, J.P. Morgan, adds: “The security of connected devices around the world is now essential to strengthening the resilience of modern infrastructure. Exein plays a central role in this sector, and we are delighted to support the company as it embarks on its next phase of global growth.”
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