Israeli cybersecurity company SCADAfence announced that it has completed $12 million in a financing round led by existing investor JVP together with strategic investor Rapids7 and the participation of other existing shareholders.
The new funding will help SCADAfence, which provides cybersecurity for operational technology (OT) and Internet of Things (IoT) environments, expand its global customer base in the manufacturing, water treatment, critical infrastructure, oil and gas, pharmaceuticals, chemicals, and building management systems industries. The company’s customers already include Honda, Murata, Vestel, Mitsui Fudosan, Taro Pharmaceuticals, and many other Fortune 500 companies in the US.
The funding will also allow SCVADAfence to continue to build its worldwide operations to meet the cybersecurity needs of manufacturing and critical infrastructure at all levels, no matter the size or complexity of the organization. The round will enable the company to innovate and strengthen its full suite of OT & IoT cybersecurity solutions, including its dedicated governance, risk management, and compliance (GRC) platform for industrial regulations.
JVP general partner Shai Schiller said, "The company is a strong and significant player in the field of critical infrastructure protection and in securing industries such as automotive and other manufacturing enterprises. Attacks on OT networks endanger countries and civilians alike, as they pose the soft underbelly for all critical infrastructure in the fields of energy, water supply, transportation and all aspects of our daily operations and basic necessities."
SCADAfence CEO Elad Ben-Meir said, "This investment comes at a very opportune time for our industry as the demand for OT & IoT security is at an all-time high. SCADAfence is an organization in hyper-growth mode. SCADAfence has experienced exponential growth in 2020, despite the pandemic. We managed to triple our revenues and the number of our customers. We also won 11 industry awards - more than any other company in the industrial cybersecurity space - including recognition from Gartner as a Cool Vendor and recognition by ISG as an industry leader. Moreover, Rapid7, a global cyber security leader has identified SCADAfence as the best-of-breed OT & IoT security solution and we believe our strategic partnership will create an industry-leading value proposition."
As part of SCADAfence’s rapid growth, the company has appointed several executives from leading cybersecurity organizations to grow their executive teams in sales engineering and revenue growth. Amongst them is Gordon Boyce, the former CEO of Forescout, who joins the executive team as SCADAfence’s CRO to facilitate the company’s rapid growth. SCADAfence is looking to hire at least 20 new people to its global team.
Published by Globes, Israel business news - en.globes.co.il - on March 22, 2021
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