The Israeli business has received over $40 million to date. It offers operational technology (OT) and Internet of Things (IoT) cybersecurity solutions for monitoring large-scale networks.
Israeli cybersecurity business SCADAfence specializes in OT and IoT, according to a Monday announcement from Honeywell and the company. Although the terms of the agreement were not made public, it is believed that Honeywell paid the Israeli company tens of millions of dollars.
The companies Fujitsu (through a fund managed by its subsidiary Fujitsu Ventures Limited), Mitsubishi Electric, and Prosegur contributed to the closing of a new $16 million funding round for SCADAfence, which offers operational technology (OT) and Internet of Things (IoT) cybersecurity solutions for monitoring large-scale networks. Jerusalem Venture Partners (JVP), the Israeli company’s initial and largest investor, Global Brain, HCS Capital, and Rapid7 are some of its current investors.
By lowering cyber risks and managing operational dangers, the SCADAfence platform enables enterprises with complex OT networks to embrace industrial IoT. The business, which was established in 2015 and has 60 employees throughout Israel, the United States, and Japan, has so far raised $40 million. The Honeywell Cybersecurity Center of Excellence in Tel Aviv will incorporate SCADAfence.
The Honeywell Forge Cybersecurity+ suite, part of Honeywell Connected Enterprise, the software division of Honeywell with a strategic focus on digitalization, sustainability, and OT cybersecurity SaaS offerings and solutions, will incorporate the SCADAfence product line.
As of the end of 2022, Honeywell, with its headquarters in Charlotte, North Carolina, employed 97,000 people and had a market capitalization of $137 billion.
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