ROUND LED BY VERTEX VENTURES; FUNDS WILL BE USED TO EXPAND SALES, MARKETING AND CUSTOMER SUPPORT
PALO ALTO, Calif., July 13, 2016 – Indegy, the industrial cyber security company, today announced that it has closed a $12M Series A round of financing led by Vertex Ventures Israel with participation from Silicon Valley-based Aspect Ventures, SBI Holdings of Japan as well as previous investors Shlomo Kramer andMagma Venture Partners. The company has raised $18M to date to market its cyber security technology that protects industrial control systems (ICS) used in the energy, water utility, petrochemical, pharmaceutical and manufacturing sectors, from cyber threats.
The funds will be used to scale Indegy’s sales and marketing operations in North America, Europe and Asia, as well as R&D in Israel. As part of the financing, Aviad Ariel of Vertex Ventures will be joining Indegy’s Board of Directors. Theresia Gouw, co-founder and managing partner of Aspect Ventures backed her firm’s investment in the company.
According to a recent report by accounting and consulting firm BDO USA, 9 of 10 (92 percent) manufacturers surveyed cited cyber security concerns in their U.S. Securities and Exchange Commission (SEC) disclosures in 2016. Indegy’s platform can discover changes to devices used to operate industrial processes and equipment that may indicate an attack, before damage can be done. Unlike IT security products designed for use in enterprise networks, Indegy’s platform is purpose built for protecting ICS environments.
“Raising our Series A round with investors in both Israel and Silicon Valley provides strong validation for our technology and business, especially in a climate where many security start-ups are struggling to get funded,” said Barak Perelman, CEO of Indegy. “This new round of financing will provide the working capital we need to scale our resources to meet accelerating customer demand in a rapidly growing market.”
Indegy was recently selected by Network World as a Hot Security Startup to Watch, is one of the 10 Most Promising Cyber Security Startups according to Forbes Israel and is a 2016 TiE50Winner.
“Industrial infrastructures are the next battleground in the cyber security war,” said Aviad Ariel, General Partner of Vertex Ventures. “Indegy has developed a unique approach for protecting critical infrastructures that provides much needed visibility and control. We were really impressed with the technology and management team.”
“Unlike IT security products that are being retrofitted for use in industrial IOT networks, the Indegy platform was built from the ground up to ensure operational safety and reliability, and is already in use in real-world customer deployments,” said Theresia Gouw, co-founder and managing partner of Aspect Ventures. “We’ve only seen the tip of the industrial cyber security iceberg so far, and believe the company is positioned to become a dominant player in what will be a very big market.”
Indegy secures ICS used across all critical infrastructure sectors. The Indegy platform is natively designed for ICS networks and provides unprecedented visibility and control to ensure operational safety and protect against cyber attacks, malicious insiders and operational mistakes. It monitors all ICS network activity with a unique focus on proprietary control-layer protocols, and detects industrial control configuration changes in real-time. The platform enables ICS engineers and security staff to quickly pinpoint the source of problems and effectively respond to prevent operational disruptions and physical damage.
Indegy provides real-time situational awareness, visibility and security for Industrial Control Systems (ICS) used across critical infrastructures — energy, water utilities, petrochemical plants, manufacturing facilities, etc. The Indegy platform monitors control-layer activity to ensure the reliability of ICS networks and protect against cyber attacks, malicious insiders and operational mistakes. The company was named one of the 10 Most Promising Cyber Security Startups by Forbes Israel, is a TiE50 winner and Network World Hot Security Startup to Watch. For more information visit www.indegy.com, and follow us on Twitter and LinkedIn.
Marc Gendron PR