Israeli cyber security firm closes $9m investment round to protect IIoT

Israeli cyber security firm closes $9m investment round to protect IIoT

Israeli tech firm CyberX, which provides cyber-security products for protecting industrial IoT (IIoT), has closed a funding round totalling $9 million.

Led by Flint Capital, the round included a mix of new and existing investors. Glilot Capital Partners, Swarth Group and GlenRock have put money into the firm previously.

FF Venture Capital and several additional angel investors have also joined the company’s pool of partners and investors, bringing a plethora of experience with them.

Making IIoT safer

CyberX was founded in 2013 by entrepreneurs Omer Schneider and Nir Giller, who had both worked for the Israeli Elite Cyber Security Unit. They want to make industrial IoT safer and more effective.

IoT is one of the fastest growing segments of the tech industry, and within the next couple of years, billions of everyday objects will be connected up to the internet. But industrial IoT is a growing area in itself. It, alone, will be worth in the hundreds of billions by 2020.

However, with a rise in machine to machine connectivity and new IIoT business models, many in the industry fear a rise in complex security challenges. And, as a result of this, executives are prioritising the deployment of cyber security solutions, claims CyberX.

Global growth

Since launching, the firm has grown its customer base and products all over the world, including in North America and Europe.

The firm’s technologies are being used at a plethora of industrial and production environments globally, with clients operating in areas such as energy, water, manufacturing and transportation.

The company’s main aim is to protect critical industry infrastructure, and its XSense platform plays a major role in this. It offers users a comprehensive dashboard for managing alerts and controlling operations, utilising machine learning to detect and respond to attacks.

Related: Germany trumps US in Industrial Internet investment

Key milestone

Omer Schneider, CEO & Co-Founder of CyberX, heralded this latest investment round as a key milestone in his company’s history and is looking forward to working with the new line-up of investors to aid growth.

“Along with our long list of satisfied customers, this round further validates our innovative solution and execution to date. We are excited to have Flint Capital onboard and look forward to working together as we continue expanding our operations worldwide and in particular in North America,” he said.

Sergey Gribov, partner at Flint Capital, said: “I am excited to support the growth of CyberX in North America and worldwide. I believe that the combination of management focus in the US, along with the company’s choice to set its HQ in Boston – the business center for cyber security and IIoT – will significantly help CyberX’s growth trajectory.”

Results

Nir Giller, co-founder and CTO of CyberX, added: “CyberX’s core technology has been achieving unparalleled detection results within industrial environments.

“Using our dedicated Industrial IoT detection technology, IFSM, we have discovered multiple attacks, as well as critical zero-day vulnerabilities in industrial equipment.

“At times, this was accomplished within hours. More specifically, IIoT vendors can harness our technology to execute their go-to-market strategy without worrying about getting caught off-guard.”

Related: Industrial Internet concerns worry business executives


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