Industrial cybersecurity startup CyberX announced today that it has raised $18 million in a Series B funding round, bringing the total amount received to date by the company to $30 million.
The latest funding round was led by Norwest Venture Partners, which also invested in FireEye and Symantec-acquired Fireglass, with participation from previous investors Glilot Capital Partners, Flint Capital, ff Venture Capital, and OurCrow.
CyberX says it plans on using the additional funding to continue its expansion in Europe and the United States, drive international growth, and expand its product development, research, and threat intelligence teams.
Founded in 2013 by military cyber experts Nir Giller and Omer Schneider, CyberX offers a platform that continuously monitors networks and collects data to help detect potentially malicious activity. The company also recently unveiled simulation technology designed to help predict breach and attack vectors.
CyberX says its product has been used by Global 2000 organizations across the energy and utilities, chemical, oil and gas, manufacturing, and other critical infrastructure sectors.
“There is a growing need in many enterprises to connect their IIoT and ICS networks to corporate IT networks for performance, monitoring, and manageability reasons. This trend creates a new security risk which requires a modern, IIoT-optimized, security solution.” said Dror Nahumi, general partner at Norwest Venture Partners. “We are extremely impressed with CyberX’s solution and its successful adoption with top-tier enterprise customers across multiple verticals.”
“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,” said Giller. “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.”
CyberX previously raised $20,000 in 2013, $2 million in 2014, and another $9 million in 2016, which, along with some add-on investments to the Series A round brought the total raised so far to $30 million. The company noted that its latest funding is the largest B round to date in industrial cybersecurity.