IIoT and ICS security company, CyberX, raised $18 million in a strategic funding round led by Qualcomm Ventures LLC and Inven Capital.
Existing investors Norwest Venture Partners, Glilot Capital Partners, Flint Capital, and OurCrowd also participated in the round, bringing total funding to date to $48 million.
The new funding will enable CyberX to further capitalize by expanding its global go-to-market footprint, product development, and IIoT threat intelligence capabilities.
“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, Qualcomm Israel Ltd. and investment director, 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.”
The latest round of funding comes at a time when CyberX has experienced growth across industrial and critical infrastructure sectors including energy, oil and gas, manufacturing, pharmaceuticals, mining, water utilities, and building management.
Growth is being driven by heightened board-level awareness of the significant business risks posed by digital transformation and the Industrial Internet of Things (IIoT).
On one hand, these key initiatives are unlocking new levels of global productivity and efficiency. At the same time, they’re driving deployment of billions of new IIoT devices and pervasive connectivity between IT and Operational Technology (OT) networks — increasing the attack surface and risk of costly downtime and dangerous cyber-physical safety incidents.
“The backing we’ve received from new and existing investors is clear validation of both the massive market opportunity and CyberX’s proven ability to execute,” said Omer Schneider, CyberX co-founder and chief executive. “We’re thrilled to have seasoned investors like Qualcomm Ventures and Inven Capital join our team as we continue growing the company at triple-digit rates.”