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OT Security Firm SIGA Raises $8.1 Million in Series B Funding Round

SIGA OT Solutions, an Israel-based company that specializes in operational technology (OT) cybersecurity solutions, on Monday announced raising $8.1 million in a Series B funding round.

The latest investment, which brings the total raised by the firm to $15 million, was led by Dutch investment firm PureTerra Ventures, with participation from Israeli venture fund SIBF, Moore Capital, and Germany-based industrial solutions provider Phoenix Contact.

SIGA says it plans on using the money to accelerate sales and strategic collaborations in North America, Europe, the Far East, and the United Arab Emirates.

SIGA has developed a SaaS solution designed to detect anomalies that could indicate cyberattacks or operational faults in industrial processes and critical infrastructure by monitoring Level 0 electrical signals.

“Level 0 is the richest and most reliable level of process data within any operational environment,” SIGA explained. “This level includes electrical signals from the sensors installed on equipment and machinery of electrical, gas and water utilities, industrial plants, and military facilities. This data cannot be manipulated by cyberattacks, similar to the manipulations in dozens of serious attacks that took place in recent years.”

SIGA claims its solution — available based on a monthly subscription fee — has already been used by organizations around the world, including the New York Power Authority, Israel Electric Corporation, Singapore’s water company, Israel’s water infrastructure operator, and organizations in the chemical, government, and defense sectors.

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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.