CyberX Capitalizes on IIoT Security Momentum with Additional $18 Million in Strategic Funding

CyberX,
the IIoT and industrial control system (ICS) security company, today
announced that it 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. The new funding will enable CyberX to further capitalize
on its market leadership position by expanding its global go-to-market
footprint, innovative product development, and IIoT threat intelligence
capabilities.

Qualcomm Ventures has a demonstrated track record of investing in some
of the top global AI and IoT startups and has experienced nine
$1-billion-plus portfolio exits to date, including Fitbit and Waze.
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. “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
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.

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.

Founded in 2013 by military cyber experts with a proven track record of
defending critical infrastructure from nation-state attacks, CyberX is
the only industrial cybersecurity company to have been awarded
a patent for its innovative, ICS-aware threat detection analytics and
machine learning technology. Purpose-built for the specialized
protocols and devices of OT environments, CyberX’s agentless platform
enables organizations to continuously auto-discover unmanaged IIoT
devices and monitor their OT networks for destructive cyberattacks such
as WannaCry, NotPetya, and TRITON.

Additionally, by integrating with customers’ existing IT security stacks
(Splunk, IBM Security, Palo Alto Networks, Cisco, RSA NetWitness,
ServiceNow, etc.), CyberX enables organizations to more effectively
manage IT/OT risk and leverage scarce security personnel across both IT
and OT.

“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 CEO.
“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.”

“Our societies and global economy rely on a dependable supply of energy,
water, food, pharmaceuticals, chemicals, metals, and transportation,”
said Nir Giller, CyberX co-founder, CTO, and EMEA GM. “We have a unique
opportunity to leverage our differentiated technology and world-class
expertise to secure the critical infrastructure supply chain upon which
our modern world depends.”

“We live in an era where everything is becoming digital and connected
and even critical infrastructure is being managed digitally,” said
Viktor Miskovsky, investment director and member of the board at Inven
Capital. “This brings a need for an industrial cybersecurity solution
that is sophisticated yet simple to deploy and use. We believe that
CyberX has the right mix of talent, superior technology, and experienced
investors to be the leader in this field.”

About CyberX

CyberX
delivers the only industrial cybersecurity platform built by
blue-team experts with a track record of defending critical national
infrastructure. That difference is the foundation for the most widely
deployed platform for continuously reducing IIoT and ICS risk and
preventing costly production outages, safety failures, environmental
incidents, and theft of sensitive intellectual property.

Notable CyberX customers include 2 of the top 5 US energy providers; a
top 5 global pharmaceutical company; a top 5 US chemical company; and
national electric and gas utilities across Europe and Asia-Pacific.
Strategic partners include industry leaders such as Palo Alto Networks,
IBM Security, Splunk, Optiv Security, McAfee, DXC Technology, and
Deutsche-Telekom/T-Systems. For more information visit CyberX.io or
follow @CyberX_Labs.

About Qualcomm Ventures

As the Venture Capital investment group of Qualcomm Incorporated, a
world leader in next-generation wireless technologies, Qualcomm
Ventures, through affiliated entities, including Qualcomm Ventures LLC,
has been making strategic investments in technology companies that have
the potential to dramatically transform our world since 2000. As a
global investor, we're focused on building the connections that bring
our mobile future forward. For more information please visit: www.qualcommventures.com.

About INVEN CAPITAL

INVEN CAPITAL is the CEZ Group’s venture capital fund
supported by the European Investment Bank (EIB). EIB financing uses
funds from the European Fund for Strategic Investments (EFSI). INVEN
CAPITAL’s strategy is to seek opportunities for investing in smaller,
innovative and growing smart energy businesses. It primarily focuses on
later-stage growth investment opportunities with sound business models
demonstrated by earnings and long-term growth potential. INVEN CAPITAL’s
goal is to generate long-term value through active collaboration with
the companies it invests in and to actively support organic or
acquisition-based growth strategy. Companies in INVEN CAPITAL’s
portfolio can take advantage of the CEZ Group’s extensive expertise in
the energy sector, its client base, and technology synergies for their
further development. The fund is a full member of Invest Europe (https://www.investeurope.eu
– European Private Equity and Venture Capital Association) and CVCA (http://www.cvca.cz
– Czech Private Equity and Venture Capital Association).

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