US-based cybersecurity software developer Bayshore Networks closed its series A round backed by electronics manufacturer Samsung and electrical engineering technology producer Yokogawa at more than $11m on Monday.
The oversubscribed round was completed after an investment by venture capital firm Benhamou Global Ventures and took the company’s total funding to $15m.
Bayshore closed the $6.6m first tranche in May 2016 having raised funding from Trident Capital Cybersecurity and undisclosed angel investors, before Yokogawa and Samsung added undisclosed sums in November 2016 and February 2017 respectively, the latter through its Next Fund.
Bayshore has built a cyber threat protection platform for the internet of things that enables IT users to get visibility into industrial controls processes, applications and data. It will use the funding to enhance its platform and accelerate its path to market.
Mike Dager, chief executive of Bayshore Networks, said: “Industrial cyber protection is now a key strategic initiative for large enterprises, utilities and governments alike.
“We are experiencing rapid growth because unlike passive visualisation and reporting packages, Bayshore’s comprehensive industrial cyber protection platform stops industrial cyber threats before they start.”