The Israeli industrial internet security company gets an investment to continue development of its technology
Israeli cyber security startup CyberX on June 5 announced that it raised $2 million in initial funding from Glilot Capital Partners and others to fuel the development of its technology that protects industrial internet networks.
Shaul Shani’s Swarth Group, Leon Recanati’s GlenRock and angel investor Gigi Levy-Weiss also participated in the funding.
“We believe that Israel has been and will continue to be a valuable source of innovative cyber security companies and that the technical expertise and background of CyberX’s founders will help the company face the complex challenges in this new domain” Arik Kleinstein, co-founder and managing partner of Glilot Capital Partners and board member of CyberX, said in a statement on the funding.
Security for the Internet of Things
Founded by Omer Schneider and Nir Giller in 2013, CyberX is an advanced security platform for the Industrial Internet in industries such as energy, manufacturing and intelligent connected devices. It will use the funding to continue development of its technology.
“Unfortunately, every digital system is susceptible to attacks,” Omer Schneider, CEO and co-founder of CyberX, said in the statement. “The outcome of a cyber-attack in the case of infrastructure and energy manufacturers doesn’t just add up to financial and reputational damages. The consequence is destructive, for example, hackers can now take down an entire power grid, It is already happening. In the energy sector, it ranges from ordinary attacks that occur daily, to the most sophisticated attacks, such as Stuxnet on Iran’s Nuclear Plant.”
Through collecting data from networks and passing it to backend servers, CyberX is able to use big data and machine learning to understand the operational behavior of a network so that when something is wrong it is more easily detectable. The company is now building its initial workforce in the U.S., which it started doing when based in Silicon Valley accelerator UpWest Labs.