SCADAfence Receives US$10M in Funding for Industrial IoT Cybersecurity
Tuesday, November 21, 2017 | Comments

SCADAfence, a company that specializes in securing industrial networks, announced US$10 million in funding with the closing of a Series A round. Investors include JVP, NexStar Partners, 31Ventures Global Innovation Fund, and the GB-VI Growth Fund Investment Limited Partnership managed by Global Brain, iAngels and DS Strategic Partners.

The investment will be used to expand the company's research and development (R&D) center in Tel-Aviv, Israel, and global business development teams to meet growing market demand across North America, Asia and Europe.

As part of the industrial internet of things (IoT) revolution, industrial operational technology (OT) networks are being increasingly connected to external networks, making them more productive, easier to manage and more cost effective. However, this new reality exposes them to cybersecurity risks that can result in operational downtime, process manipulation, theft of intellectual property and ransomware attacks.

Manufacturers from various industries have reported losses of hundreds of millions of dollars in profits due to halts in production caused by ransomware attacks such as WannaCry and Petya. These recent incidents indicate just how vulnerable OT networks are, and that cyber attacks are already significantly affecting the bottom line of industrial companies.

"Most IT security solutions are inadequate for securing industrial networks, and the risk they pose on the operational process usually outweighs their security benefits," said Ofer Shaked, chief technology officer (CTO) and co-founder of SCADAfence. "SCADAfence provides a passive and continuous monitoring solution, that is guaranteed not to add any additional risks, making it very easy for companies to improve their security posture."

SCADAfence's customers include global Fortune 500 companies in the automotive, pharmaceutical, chemical and energy industries. With SCADAfence's solution, administrators and operators are able to bridge the cybersecurity gap that comes when connecting OT and IT networks to ensure operational continuity of those networks and secure valuable assets.

"The diversity of our investors, from the U.S., Japan and Israel, as well as our global customer base, is an indicator of the widespread recognition of the problem that industrial companies face today in terms of cyber threats," said Yoni Shohet, CEO and co-founder of SCADAfence. "OT networks were not designed with cybersecurity in mind, yet now cyber attacks have become an imminent threat and companies cannot stand to risk exposing these environments, which is where we come in."

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