Cybersecurity Startup CyberX Raises $18 Million

CyberX Israel Ltd., developer cybersecurity systems for industrial internet of things (IIoT), announced on Tuesday an $18 million Series B funding round led by Palo Alto, California-based Norwest Venture Partners. Existing investors such as Glilot Capital Partners, an Israeli venture capital fund specializing in cybersecurity technology, Flint Capital, ff Venture Capital, and equity crowdfunding company OurCrowd Management Ltd. also participated in the round.

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To date, CyberX raised a total of $30 million in investments. In a statement, CyberX said it will use the funding to expand activity in the U.S. and Europe and hire more people.

Founded in 2013 by former Israeli military cyber experts Omer Schneider and Nir Giller, CyberX develops and markets cybersecurity systems for companies in the fields of energy, pharmaceuticals, chemicals, oil, and gas. The company’s software monitors industrial networks to detect and block targeted attacks, malware, and insider threats and critical vulnerabilities.

“Sophisticated malware such as WannaCry and NotPetya, along with targeted ICS cyber attacks such as TRITON and Industroyer, have shown business leaders that industrial cyber risk can have a material impact on financial results, as well as potential safety and environmental implications,” Omer Schneider, CyberX co-founder and CEO, said in a statement.

“There is a growing need in many enterprises to connect their IIoT and ICS networks to corporate IT networks for performance, monitoring, and manageability reasons. This trend creates a new security risk which requires a modern, IIoT-optimized, security solution.” Dror Nahumi, general partner at Norwest Venture Partners, said in a statement.