Israeli company SCADAfence, a cybersecurity provider for Operational Technology (OT) & Internet of Things (IoT) environments, secured $12 million in funding, according to an announcement on Monday. The round was led by existing investor Jerusalem Venture Partners (JVP), and also included strategic investor Rapid7 as well as the participation of other existing shareholders.
The new funding will help SCADAfence further accelerate its expanding global customer base across a diverse set of industries – including manufacturing, water treatment, critical infrastructure, oil & gas, pharmaceuticals, chemicals, and building management systems (BMS), the company said. Some existing customers include Honda, Murata, Vestel, Mitsui Fudosan, Taro Pharmaceuticals, and a number of US Fortune 500 companies.
“The company is a strong and significant player in the field of critical infrastructure protection and in securing industries such as automotive and other manufacturing enterprises,” said Shai Schiller, JVP General Partner.
“Attacks on Operation Technology (OT) networks endanger countries and civilians alike, as they pose the soft underbelly for all critical infrastructure in the fields of energy, water supply, transportation and all aspects of our daily operations and basic necessities. The company plans to significantly expand its US operations following the entry of Rapid7 as a strategic investor and partner. Aside from the go-to-market expansion, the company is also expanding its product portfolio offering to cater for the ever-changing threat landscape and in essence offering the broadest set of security products in its competitive landscape,” said Schiller.
“This investment comes at a very opportune time for our industry as the demand for OT & IoT security is at an all-time high. SCADAfence is an organization in hyper-growth mode,” said Elad Ben-Meir, CEO of SCADAfence. “SCADAfence has experienced exponential growth in 2020, despite the pandemic. We managed to triple our revenues and the number of our customers. We also won 11 industry awards – more than any other company in the industrial cybersecurity space – including recognition from Gartner as a Cool Vendor and recognition by ISG as an industry leader. Moreover, Rapid7, a global cybersecurity leader has identified SCADAfence as the best-of-breed OT & IoT security solution and we believe our strategic partnership will create an industry-leading value proposition.”
SCADAfence is based in Tel Aviv with offices in the US.