Israel-based cybersecurity startup CyberX has raised $2 million in an initial funding round led by Glilot Capital Partners, with participation from the Swarth Group, GlenRock, and angel investor Gigi Levy-Weiss, the company announced this week.
According to the company, the funding will be used to improve its industrial Internet security platform, which is designed to help organizations in critical sectors ─ including energy, oil and gas, manufacturing, and healthcare ─ protect their networks against cyber threats.
CyberX, which received support from Palo Alto, California-based accelerator UpWest Labs, also intends on expanding to the United States.
“Unfortunately, every digital system is susceptible to attacks. The outcome of a cyber-attack in the case of infrastructure and energy manufacturers doesn’t just add up to financial and reputational damages. The consequence is destructive, for example, hackers can now take down an entire power grid,” noted Omer Schneider, CyberX CEO and co-founder.
“It is already happening. In the energy sector, it ranges from ordinary attacks that occur daily, to the most sophisticated attacks, such as Stuxnet on Iran’s Nuclear Plant,” Schneider, who is one of the founders of the Israeli Army’s Elite Cyber Security Unit, added.
The company explains that its CyberXSense solution leverages big data and machine learning to analyze the operational behavior of networks in an effort to detect abnormal activities that could pose a risk.
“Protection of Industrial Internet networks is the next step of Cyber innovation. CyberX is a great example of a new breed of cyber innovation in this emerging space,” said Kobi Samboursky, co-founder and managing partnet at Glilot Capital Partners.
Samboursky, who is also a CyberX board member, added, “The combination of a truly basic need of the emerging Industrial Internet, and exceptional technology created by talented founders with a unique background in cyber-security, is what makes this company a real game-changer.”