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Industrial Cybersecurity Firm Indegy Raises $18 Million

Industrial cybersecurity firm Indegy on Tuesday announced that is has raised $18 million through a Series B funding round, bringing the total amount raised by the company to $36 million. The new funding adds to a $12 million Series A round announced by the company in July 2016.

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.

"This capital infusion provides the financial resources required to scale up the company and capitalize on this market opportunity," said Barak Perelman, CEO of Indegy.

Indegy at SecurityWeek's ICS Cyber Security Conference
Indegy Exhibits at SecurityWeek's 2017 ICS Cyber Security Conference in Atlanta (Image Credit: SecurityWeek)

In May, the company launched a risk assessment service designed to help organizations evaluate exposures in their operational technology (OT) environments.

In addition to announcing its Series B financing, the company announced the appointment of two new executives to its management team: Joe Scotto as Chief Marketing Officer, who joined from BAE Systems, and former Imperva executive, Todd Warwick, who will serve as VP of Sales for the Americas.

The Series B round was led by Liberty Technology Venture Capital, with participation from energy and services firm Centrica plc, O.G. Tech Ventures and existing investors Shlomo Kramer, Magma Venture Partners, Vertex Ventures and Aspect Ventures. 

Perelman will be presenting on addressing insider threats in OT environments at SecurityWeek’s 2018 ICS Cyber Security Conference in October.

Indegy is one of several security startups targeting the industrial space that have recently raised funding. Others include Nozomi Networks, Dragos, Bayshore Networks, CyberX, Claroty, and SCADAFence. Veteran industrial software firm PAS raised $40 million in April 2017. Darktrace, which has an offering targeted to the industrial sector, raised $75 million at a valuation of $825 million in July 2017.

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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.