IoT Cybersecurity Provider Raises $12M in Funding Round
Monday, March 22, 2021 | Comments

SCADAfence, a provider of cybersecurity for operational technology (OT) & Internet of Things (IoT) environments, announced that it has secured $12 million in funding aimed at accelerating growth.

The round, led by existing investor JVP, also includes strategic investor Rapid7 and 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 and gas, pharmaceuticals, chemicals and building management systems (BMS). Some of the company's existing customers include Honda, Murata, Vestel, Mitsui Fudosan and Taro Pharmaceuticals.

In addition to facilitating the next stage of SCADAfence's business growth, the funding will enable the company to continue to build its worldwide operations to meet the cybersecurity needs of manufacturing and critical infrastructure at all levels, no matter the size or complexity of the organization. The round will enable the company to continue innovating by strengthening its full suite of OT and IoT cybersecurity solutions, including the world's first and only dedicated governance, risk management and compliance (GRC) platform for industrial regulations. The effort to make OT/IoT-specific cybersecurity expertise and technology more accessible is a key element of the company's overarching mission to keep civilians safe from industrial cyberattacks.

"I'm proud to be a part of this latest development in SCADAfence's growth." said Shai Schiller, JVP general partner. "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. Attacks on 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. Rapid7's partnership exposes SCADAfence to a substantial salesforce, dozens of channels and thousands of strategic customers. Aside from the go-to-market expansion, the company is also expanding its product portfolio offering to cater for the everchanging threat landscape and in essence offering the broadest set of security products in its competitive landscape.”

As part of SCADAfence's rapid growth, the company has recruited several top-tier executives from leading cybersecurity organizations to grow their executive teams in sales engineering and revenue growth. Amongst them is Gordon Boyce, the former CEO of Forescout, who joins the executive team as SCADAfence's chief risk officer (CRO) to facilitate the company's rapid growth. SCADAfence is looking to add at least 20 additional new members to its global team in the near future.

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