US-based enterprise cybersecurity software provider CyberX has secured $18m in a funding round co-led by Qualcomm Venture and Inven Capital, respective subsidiaries of mobile semiconductor producer Qualcomm and energy utility Čez.
Equity crowdfunding platform OurCrowd also took part in the round, as did venture capital firm Norwest Venture Partners (NVP) and VC funds Glilot Capital Partners and Flint Capital. It increased the company’s overall funding to $48m, it said.
CyberX has developed a software platform that helps large organisations protect their operational technology networks and devices against cyber attacks.
The technology identifies vulnerabilities and attack vectors by continuously monitoring networks for malware and targeted attacks, protecting infrastructure in areas such as energy, oil and gas, manufacturing, pharmaceuticals, mining, water utilities and building management.
Proceeds from the round will be used to fund product development and to strengthen CyberX’s industrial internet-of-things (IoT) threat intelligence capabilities.
Qualcomm Ventures investment director Boaz Peer said: “We believe CyberX has the right management team, deep domain expertise, and scalable technology to address the needs of the world’s largest and most complex enterprises.
“We are delighted to join as an investor given Qualcomm’s strong interest in industrial IoT and our ability to provide connectivity, compute and security solutions for this market.”
NVP had previously led a $18m series B round for CyberX in February 2018 that also featured Glilot Capital Partners, Flint Capital, FF Venture Capital and OurCrowd.
The company collected $2m in a 2014 seed round before adding $9m from Flint Capital, Glilot, Swarth Group, FF Venture Capital and angel investors Leon Recanati and Gigi Levy-Weiss two years later.