Phoenix Contact Innovation Ventures, the corporate venturing arm of industrial equipment maker Phoenix Contact, has led a C$22m ($16.9m) funding round for Canada-based industrial cybersecurity technology producer iS5 Communications.
Cybersecurity-focused venture capital firm ClearSky also participated in the round, which included unnamed existing iS5 backers. Woodside Capital Partners advised iS5 on the funding.
Founded in 2012, iS5 has developed a cybersecurity software product called Rapture to protect industrial, energy and transport systems. The funding will go to strengthening Raptor and the development of new technology.
Marcus Böker, managing director of Phoenix Contact Innovation Ventures, has joined iS5’s board of directors along with James Huff of ClearSky.
Böker said: “This strategic investment round further demonstrates the uniqueness of the Raptor platform. Modularity, security and scalability for the future should make Raptor the de facto standard for protecting critical infrastructure.”