SECURITY
SECURITY
SECURITY
Israeli industrial control systems security startup CyberX raises $18M
Israeli industrial control systems security startup CyberX Inc. today said it has raised $18 million in new funding.
It plans to use the money to expand its global footprint and product development and improve on its industrial “internet of things” threat intelligence capabilities. The round was led by Qualcomm Ventures and Inven Capital and included Norwest Venture Partners, Glilot Capital Partners, Flint Capital and OurCrowd.
Founded in 2013 with offices in Tel Aviv and Boston, CyberX offers an industrial cybersecurity platform built by former military cybersecurity experts with nation-state expertise defending critical infrastructure.
The company’s platform focuses on continuously reducing ICS risk and preventing costly production outages, safety failures and environmental incidents. CyberX’s platform integrates with customers’ existing IT security stacks including Splunk, IBM Security, Palo Alto Networks, Cisco, RSA NetWitness, ServiceNow and others.
According to CyberX, the funding comes at a time when it has experienced significant customer growth across all industrial and critical infrastructure sectors, including energy, oil and gas, manufacturing, pharmaceuticals, mining, water utilities and building management.
While not disclosing the names of its customers, CyberX told VentureBeat that its user base includes two of the top five U.S. energy providers, a top five global pharmaceutical company, a top five U.S. chemical company and national electric and gas utilities across Europe and the Asia-Pacific region.
The company operates in a market segment, ICS security, whose revenue is expected to rise to $18.05 billion by 2023, giving it ample opportunities to grow.
Including the new funding, CyberX has raised $48 million to date.
Image: CyberX
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