Tel Aviv-based cybersecurity company SCADAfence said Monday it secured $12 million in funding aimed at accelerating growth.
The round, led by existing investor JVP, also includes strategic investor Rapid7 and the participation of other existing shareholders.
The new funding will help SCADAfence further accelerate its expanding global customer base across a diverse set of industries – including manufacturing, water treatment, critical infrastructure, oil & gas, pharmaceuticals, chemicals, and building management systems, the company said.
“This investment comes at a very opportune time for our industry as the demand for OT (Operation Technology) & IoT (Internet of Things) security is at an all-time high. SCADAfence is an organization in hyper-growth mode,” said Elad Ben-Meir, CEO of SCADAfence. “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 cybersecurity 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.”
Some of the company’s existing customers include Honda, Murata, Vestel, Mitsui Fudosan, Taro Pharmaceuticals and numerous other Fortune 500 companies in the US.
“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,” said Shai Schiller, JVP General Partner. “Attacks on Operation Technology 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.”
In addition to facilitating the next stage of SCADAfence’s business growth, the funding will enable the company to continue to build its worldwide operations to meet the cybersecurity needs of manufacturing & critical infrastructure at all levels, the company said. The round will enable it to continue innovating by strengthening its full suite of OT and IoT cybersecurity solutions, including the world’s first and only dedicated governance, risk management, and compliance platform for industrial regulations, SCADAfence added.
SCADAfence is looking to add at least 20 additional new members to their global team in the near future, it said. The company employs 40 people, with 27 of them in Israel.