ABB Technology Ventures, the corporate venturing unit for Switzerland-based power and automation company ABB, has sold its stake in US-based cyber security provider Industrial Defender to aerospace company Lockheed Martin for an undisclosed amount.
ABB invested $5m in Industrial Defender’s series A round in 2010 and also participated in its 2012 series B round. Lockheed Martin has fully acquired Industrial Defender through the deal.
Grant Allen, principal at ABB Technology Ventures in North America, said: “This is a profitable exit for our four-year old investment group. Lockheed Martin is a reputed company and can facilitate Industrial Defender’s continued growth and development.”