PAS gained a $40 million growth investment from Tinicum, L.P.
This funding round is a move to expand PAS sales and marketing as well as increase research and development for its security software product, Cyber Integrity.
Cyber Integrity protects critical infrastructure from risks associated with rising Industrial Internet of Things (IIoT) adoption, malicious cyber attacks, and insider threats.
Tinicum is a private investment partnership focused on late stage investments in manufacturing, energy, technology, media, and infrastructure.
“Critical infrastructure is vulnerable to outsider cyber attacks and to malicious or unintended insider actions,” said Trip Zedlitz, partner at Tinicum. “The cyber assets that matter most — the ones primarily responsible for safety and production in power generation plants, chemical facilities, and refineries — are some of the most insecure systems in the industry today. We invested in PAS because they secure this class of endpoints in a way that no other ICS cybersecurity software solution in the market can do, and they help companies comply with a growing regulatory and standards landscape that includes NERC CIP, NIST, and IEC 62443.”
Industrial control systems run critical infrastructure safely and reliably. These systems have traditionally relied on complexity, air gapping, and perimeter-based defenses to remain secure. While they may have worked at one time, those strategies are not effective in today’s environment.
PAS Cyber Integrity deciphers the complex, proprietary configurations of control systems giving companies visibility into critical cyber assets. It also identifies unauthorized changes, exposes vulnerabilities, drives compliance, and helps facilities recover rapidly in the event of a worst-case scenario.
In addition, Cyber Integrity works across the heterogeneous automation environment, providing enterprise scalability, performance, and platform independence.
“The investment from Tinicum enables us to expand our security solutions portfolio, strategically increase our global reach, and continue protecting our customers from an ever-evolving threat landscape,” said Eddie Habibi, founder and chief executive at PAS
In conjunction with the investment, Plant Automation Services, Inc. (“PAS”) has reorganized under the new name PAS Global, LLC.