TXOne Networks, a joint venture between cybersecurity firm Trend Micro and industrial networking solutions provider Moxa, has banked $70 million in new venture capital funding.
The company, which maintains dual headquarters in Texas and Taiwan, said the Series B round was led by TGVest Capital and brings the total raised to $94 million.
TXOne Networks was created in 2018 by Trend Micro and Moxa to build and sell technology for securing industrial internet of things (IIoT) environments.
The company offers security gateways, endpoint agents and network segmentation solutions designed to help organizations secure, control and monitor equipment and operational technology (OT).
The new financing provides additional runway for TXOne Networks to pursue business in the smart manufacturing, smart city, smart energy and other IIoT environments.
The company said the funding will be used to expand its global presence and beef up technology to defend industry verticals worldwide against complex cybersecurity threats to industrial control systems (ICS).
TXOne Networks chief executive Terence Liu said the unusually large Series B funding helps to validate the available market for the company’s products. Liu said the company will focus on expanding global market share, recruit engineering talent, and beef up the company’s OT zero trust-based cybersecurity platform.
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