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Industrial Cybersecurity Firm CyberX Raises $18 Million

Industrial cybersecurity firm CyberX on Monday announced that it raised another $18 million in a strategic funding round.

The latest round was led by Qualcomm Ventures and Inven Capital, with participation from existing investors Norwest Venture Partners, Glilot Capital Partners, Flint Capital and OurCrowd. CyberX says it will use the newly obtained funds to expand product development and its threat intelligence capabilities, along with its global go-to-market footprint.

CyberX new funding roundWith this latest funding round, CyberX has raised a total of $48 million, including $18 million in 2018 and $9 million in 2016.

“We believe CyberX has the right management team, deep domain expertise, and scalable technology to address the needs of the world’s largest and most complex enterprises,” said Boaz Peer, director of Qualcomm Israel and investment director of Qualcomm Ventures. “We’re delighted to join as an investor given Qualcomm’s strong interest in Industrial IoT and our ability to provide connectivity, compute and security solutions for this market.”

Founded in 2013, CyberX offers a platform that provides asset management, risk and vulnerability management, and threat detection and response capabilities. The company’s technology can also be integrated with products from IT security solutions providers such as Splunk, IBM, Palo Alto Networks, Cisco and RSA, which allows organizations to effectively manage risks in both their IT and OT environments.

CyberX says it has seen significant customer growth in sectors such as energy, manufacturing, oil and gas, mining, pharmaceutical, building management, and water utilities. The company claims its customers include two of the top five energy providers in the U.S., a top 5 global pharmaceutical company, a top 5 chemical company in the U.S., and national electric and gas utilities in Europe and the APAC region.

Several industrial cybersecurity solutions providers have received significant investments in the past year, including Nozomi Networks, Dragos, Radiflow, Claroty, iS5Com, and Indegy.

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Related: House Passes Bill to Enhance Industrial Cybersecurity

Related: The ABCs Driving the Growth of Industrial Cybersecurity

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Eduard Kovacs (@EduardKovacs) is a contributing editor at SecurityWeek. He worked as a high school IT teacher for two years before starting a career in journalism as Softpedia’s security news reporter. Eduard holds a bachelor’s degree in industrial informatics and a master’s degree in computer techniques applied in electrical engineering.