Tel Aviv-based industrial cybersecurity company Radiflow Ltd. announced Wednesday that it closed an $18 million investment round. The Series B round was led by ST Engineering Ventures, the corporate venture capital arm of Singapore-based technology, defense, and engineering company Singapore Technologies Engineering Ltd., known as ST Engineering.
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Existing investors also participated in the round, including Israeli technology entrepreneur Zohar Zisapel.
Founded in 2010, Radiflow pivoted from developing industry communication solutions to industrial cybersecurity in 2013, CEO Ilan Barda told Calcalist. The company now offers cybersecurity services designed to support critical infrastructure and industrial networks such as electricity and water providers, and reports more than 50 customers, primarily in the U.S. and Europe. The company is headquartered in Tel Aviv and operates another office in the U.S. It employs 35 people.
Barda would not disclose the amount of money Radiflow had raised to date but said that the new investment will allow the company to invest in marketing and sales and hire 15 more employees.
Singapore Exchange-listed ST Engineering develops and manufactures aerospace, electronics, land, and marine systems. The company employs about 22,000 people across offices in Asia, the Americas, Europe, and the Middle East, serving customers in more than 100 countries.
According to Barda, the investment comes after ST Engineering launched a strategic partnership with Radiflow. Barda said he hopes that the partnership with ST Engineering would help Radiflow enter Asian markets.