SCADAfence Secured $10 Million to Protect Manufacturing Infrastructures

22 November, 2017

"Industrial Operational Technology Networks were not designed with cybersecurity in mind, yet now cyber attacks have become an imminent threat"

SCADAfence's Co-founders Ofer Shaked (Left) and Yoni Shohet

[ Photo above: SCADAfence’s Co-founders Ofer Shaked (Left) and Yoni Shohet ]

SCADAfence from Tel-Aviv has announced the closing of $10M in a Series A round. Investors include JVP, NexStar Partners, 31Ventures Global Innovation Fund, GB-VI, iAngels and DS Strategic Partners. The investment will be used to expand the Company’s R&D center in Tel-Aviv and global business development teams in North America, Asia and Europe.

SCADAfence target a specific challenge: The Industrial IoT (Industry 4.0) revolution exposes industrial infrastructures to cybersecurity risks that can result in operational downtime, process manipulation, theft of intellectual property and ransomware attacks. Ransomware attacks such as WannaCry and Petya caused manufacturers losses of hundreds of millions of dollars, showing that cyber attacks are already affecting the industrial companies.

ICS/SCADA Networks are Vulnerable

The company supply two security solutions for the protection of ICS/SCADA networks: The SCADAfence Security Assessment solution is a lightweight tool designed to help auditing or assessment teams in assessing the current security level of the industrial (ICS/SCADA) network. The SCADAfence Continuous Network Monitor (CNM) solution allows administrators to significantly increase their network’s security level, while ensuring the peace-of-mind that no unnecessary risks are added to the operational environment (ICS/SCADA network).

“Most IT security solutions are inadequate for securing industrial networks, and the risk they pose on the operational process usually outweighs their security benefits,” said Ofer Shaked, CTO and Co-Founder of SCADAfence. “The diversity of our investors, from the U.S., Japan and Israel, as well as our global customer base, is an indicator of the widespread recognition of the problem,” said Yoni Shohet, CEO and Co-Founder of SCADAfence. “OT networks were not designed with cybersecurity in mind, yet now cyber attacks have become an imminent threat and companies cannot stand to risk exposing these environments, which is where we come in.”

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Posted in: IoT , News , Security