Israeli Cybersecurity firm Indegy raises $12 million
13 July, 2016
Indegy develops cyber-security solutions for critical infrastructure vulnerable to attack due to use of SCADA control systems. The company aims to eradicate the possibility of cyber-attacks that could damage critical systems
Israeli cyber-security company Indegy, specializing in cyber-security solutions for critical infrastructures has completed another financing round. The company has raised $12 million in a round led by ertex Ventures Israel,Silicon Valley-based Aspect Ventures, SBI Holdings of Japan together with previous investors Shlomo Kramer and Magma Venture Partners. The capital raised will be used to expand the sales and distribution efforts of the company in North America, Europe and Asia, as well as to strengthen customer support.
Indegy develops cyber-security solutions for industrial installations and critical infrastructure that use SCADA control systems. Such systems are used in water and power plants, gas and petrol pipes and many more critical infrastructures. Such systems are exposed to cyber-attacks that can cause damage to critical core systems.
Indegy’s platform monitors the activity in the industrial control systems in real time, detecting potential breeches and cyber-attacks before these cause damage to the control system. Indegy’s system supplies customers with alerts containing tangible information as for the source of the suspicious activity and the potential damage, allowing rapid and focused response, before the systems are affected by the attack.
Indegy was founded in 2014 by Barak Prelman, Mille Gandelsman and Ido Trivizki, all graduates of the IDF’s prestigious cyber unit 8200. The company has raised some $18 million over the years. It currently employs 25 employees.
Smart but vulnerable infrastructure
The modern industrial environment is teeming with automatic systems, sensors and communication networks, and everything is connected. As a result – the connection between operational technologies and information technologies is growing ever closer. This connection is being called “smart manufacturing” or “industry 4.0”, a concept that includes the integration of IoT in the manufacturing environment.
These integrative trends have many advantages, as they improve multi system operation efficiency, reduce production costs and increase production. But the linkage between the two technologies also exposes the manufacturing environment to a wide array of new threats – from cyber-attacks and malware’s to industrial espionage and sabotage. These can cause major damage – not only financial. The fear of cyber terror and cyber warfare is not unfounded, and the need to protect critical installations results in a lucrative market for specialized cyber-security companies such as Indegy.