Israeli IIoT (industrial Internet of things) and ICS (industrial control system) security company CyberX has 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.
CyberX says that the new funding will enable it "to further capitalize on its market leadership position by expanding its global go-to-market footprint, innovative product development, and IIoT threat intelligence capabilities."
Among other investments in Israel, Qualcomm Ventures was an investor in navigation app company Waze, which was sold to Google in 2013 for $966 million. Inven Capital is the CEZ Group’s venture capital fund supported by the European Investment Bank (EIB).
"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.
CyberX says that this investment comes at a time when it has experienced significant customer growth across all industrial and critical infrastructure sectors including energy, oil and gas, manufacturing, pharmaceuticals, mining, water utilities, building management, and other sectors.
CyberX was founded in 2013 and is based in Herzliya. Its CEO is co-founder Omer Schneider. "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," Schneider said.
Published by Globes, Israel business news - en.globes.co.il - on March 25, 2019
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