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Industrial Cybersecurity Startup Indegy Raises $12 Million

Industrial cyber security startup Indegy announced on Wednesday that it has raised $12 million in a Series A round of financing led by Vertex Ventures Israel.

Indegy offers a platform that protects industrial control systems (ICS) from cyber, insider and operator error (non-malicious intent) threats, by providing visibility into ICS networks and identifying changes to controllers that could indicate an attack, including changes to firmware, logic, and configuration updates.

“The technology is unique because it can detect changes all the way down to the controller layer (not just the network layer like most IT-security products) by monitoring proprietary operational technology protocols developed by Siemens, Schneider, etc.,” a company spokesperson told SecurityWeek.

Indegy Raises $12 MillionsAccording to the company, the new funds will be used to scale sales and marketing operations in North America, Europe and Asia, as well as R&D in Israel.

“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.”

The Industrial Control Systems (ICS) security market size is estimated to top $12.6 Billion by 2021, according to recent research published by MarketsandMarkets.

Other investors participated in the funding round, including Aspect Ventures, SBI Holdings of Japan as well as previous investors Shlomo Kramer and Magma Venture Partners.

“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,” Barak Perelman, CEO of Indegy, said in a statement.

Indegy CTO Mille Gandelsman will be presenting on SCADA vulnerabilities at SecurityWeek’s 2016 ICS Cyber Security Conference in October.

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For more than 10 years, Mike Lennon has been closely monitoring the threat landscape and analyzing trends in the National Security and enterprise cybersecurity space. In his role at SecurityWeek, he oversees the editorial direction of the publication and is the Director of several leading security industry conferences around the world.