US-headquartered industrial cybersecurity software provider Scadafence raised $12m yesterday in a funding round led by venture capital firm JVP and backed by cybersecurity technology provider Rapid7 and unnamed existing investors.
Scadafence has developed a cybersecurity platform for use with operational technology (OT) and industrial internet-of-things (IoT) systems.
The company had previously secured $10m from real estate developer Mitsui Fudosan’s 31Ventures Global Innovation Fund, JVP, NexStar Partners, GB-VI Growth Fund Investment Limited Partnership, iAngels and DS Strategic Partners in 2017.
Conan Reidy, Rapid7’s senior vice-president of corporate development and technology alliances, said: “Cyber risks to industrial control systems are rapidly increasing, as is the market demand for holistic, risk-based solutions that provide visibility across IT and OT environments.
“Our strategic investment in Scadafence further solidifies our commitment to this growing market and we look forward to working with the Scadafence team to bring OT and IoT cybersecurity capabilities to a broader customer base.”
