CyberX Nabs $18M Series B Funding
BOSTON, MA, CyberX, the IIoT and industrial control system (ICS) security company, 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, early investors in cybersecurity leaders FireEye and Fireglass (acquired by Symantec). CyberX's previous investors, including Glilot Capital Partners, Flint Capital, ff Venture Capital, and OurCrowd, also participated in the round, which follows a milestone year of rapid growth for CyberX during which bookings grew by a factor of 3x.
Founded in 2013 by Omer Schneider and Nir Giller -- military cyber experts with nation-state expertise defending critical infrastructure -- CyberX has successfully deployed its continuous ICS threat monitoring and risk mitigation platform in Global 2000 enterprises across all critical infrastructure verticals, including energy & utilities, pharmaceuticals, chemicals, oil & gas, and manufacturing.
"Sophisticated malware such as WannaCry and NotPetya, along with targeted ICS cyber attacks 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," said Omer Schneider, CyberX co-founder and CEO. "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."
"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."
CyberX's innovative platform incorporates ICS-specific self-learning that enables it to deliver accurate insights in less than an hour, without relying on rules, specialized skills, or any prior knowledge of the environment. To eliminate any impact on the operational network, the platform uses passive, non-invasive, agentless monitoring. Specialized M2M behavioral analytics and proprietary Network Traffic Analysis (NTA) algorithms enable security teams to continuously detect, respond to, predict, and prevent threats to critical infrastructure networks.
"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 Nir Giller, CyberX co-founder, GM and CTO. "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.
Founded in 2013 by military cyber experts with nation-state expertise defending critical infrastructure, CyberX provides the most widely-deployed holistic platform for continuously reducing IIoT and ICS risk. By continuously monitoring industrial networks for targeted attacks, malware, insider threats, and critical vulnerabilities, CyberX enables organizations to prevent costly production outages, catastrophic safety and environmental failures, and theft of corporate IP.
CyberX is backed by leading investors including Norwest Venture Partners and Glilot Capital. The company is a member of the IBM Security App Exchange Community and has partnered with premier cybersecurity solution providers and MSSPs worldwide including Deutsche-Telekom/T-Systems. For more information, visit cyberX-labs.com and follow CyberX on Twitter @CyberX_Labs.
About Norwest Venture Partners
Norwest is a leading venture capital and growth equity investment firm managing more than $7.5 billion in capital. Since its inception in 1961, Norwest has invested in more than 600 companies and currently partners with over 140 active companies across its venture and growth equity portfolio. The firm invests in early to late stage companies across a wide range of sectors with a focus on consumer, enterprise, and healthcare. Norwest has offices in Palo Alto and San Francisco, India and Israel. For more information, visit www.nvp.com and follow Norwest on Twitter @NorwestVP.
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