Israeli cybersecurity company CyberX, which develops cybersecurity solutions for the Industrial IoT market, announced that it raised $18 million in a strategic funding round led by Qualcomm Ventures and Inven Capital. Existing investors Norwest Venture Partners, Glilot Capital Partners, Flint Capital, and OurCrowd also participated.
The latest round brings CyberX’s total funding since being founded in 2013 by CEO Omer Schneider and CTO Nir Giller, both veterans of the IDF’s elite Unit 8200, to $48 million.
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CyberX said in a statement that the new funding will help expand its “global go-to-market footprint, innovative product development, and IIoT threat intelligence capabilities.”
“We believe CyberX has the right management team, deep domain expertise, and scalable technology to address the needs of the world’s largest and most complex enterprises,” said Boaz Peer, director, Qualcomm Israel Ltd. and investment director, Qualcomm Ventures. “We’re delighted to join as an investor given Qualcomm’s strong interest in Industrial IoT and our ability to provide connectivity, compute and security solutions for this market.”
CyberX said it has seen significant growth across all industrial and critical infrastructure sectors including energy, oil and gas, manufacturing, pharmaceuticals, mining, water utilities, and building management, driven by heightened awareness of risks and connectivity.
“Our societies and global economy rely on a dependable supply of energy, water, food, pharmaceuticals, chemicals, metals, and transportation,” said Giller, who serves as CTO and EMEA GM. “We have a unique opportunity to leverage our differentiated technology and world-class expertise to secure the critical infrastructure supply chain upon which our modern world depends.”
The company says its customers include two top US energy providers, a global pharmaceutical company, a top US chemical company, and national electric and gas utilities across Europe and Asia-Pacific. Its strategic partners include industry leaders such as Palo Alto Networks, IBM Security, Splunk, Optiv Security, McAfee, DXC Technology, and Deutsche-Telekom/T-Systems.