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IoT Cyber Security Co CyberX Raises $18m

The Israeli industrial Internet of Things and industrial control systems cyber security company has developed a continuous ICS threat monitoring and risk mitigation platform.

Source: Globes

Israeli industrial Internet of Things and industrial control systems cyber security company CyberX today announced that the company has closed $18 million in Series B funding, bringing total investment to date to $30 million. The round was led by Norwest Venture Partners, and included previous investors Glilot Capital Partners, Flint Capital, ff Venture Capital, and OurCrowd.

CyberX, which was founded in 2013 by CEO Omer Schneider and CTO Nir Giller, both veterans of the Israeli Elite Cyber Security Unit, has seen bookings triple over the past year. The company is headquartered in Boston and has its development center in Herzliya.

CyberX has deployed its continuous ICS threat monitoring and risk mitigation platform in Global 2000 enterprises across all critical infrastructure verticals, including energy and utilities, pharmaceuticals, chemicals, oil and gas, and manufacturing.

Schneider said, “Sophisticated malware such as WannaCry and NotPetya, along with targeted ICS cyberattacks such as TRITON and Industroyer, have shown business leaders that industrial cyber risk can have a material impact on financial results, as well as potential safety and environmental implications. As a top-tier global VC, NVP’s investment in CyberX is recognition that we are successfully delivering differentiated technology and expertise enabling us to win over the world’s most sophisticated and demanding customers.”

Giller added, “We’re proud that our team has delivered a series of industry-firsts, including the first anomaly detection platform to incorporate ICS-specific threat intelligence, risk and vulnerability assessments, and automated threat modeling, as well as native integration with SOC tools. By providing SOC teams with deeper visibility into Operational Technology (OT) assets, behaviors, and threats, we’re helping organizations implement a unified approach across IT and OT security and remove silos between IT and OT – thereby improving their combined IT/OT risk posture.”

After launching its innovative platform in 2014, CyberX has enjoyed strong market success, with installations across six continents. In addition to continuing its expansion in the US and Europe, the company will use the additional funding to drive international growth and to expand its ICS product development, security research, and threat intelligence teams.