Industrial Control Specialist Indegy Gets $12M Capital Infusion
Indegy is investing in a new 24/7 support center for Asia and the United States and aims to build brand awareness in the industrial control security space, which is still in its infancy.Ever since the Stuxnet malware was able to incapacitate an Iranian power facility in 2010, the specter of cyber-attacks against industrial control systems has been a concern. Among the technology vendors that have built platforms to defend ICSes is startup Indegy, which has raised $12 million in a Series A round of funding to support its efforts. The Series A round of funding was led by Vertex Ventures Israel and included the participation of Aspect Ventures, SBI Holdings as well as Magma Venture Partners. Total funding to date for Indegy now stands at $18 million. The new capital will be used to help expand Indegy's sales, marketing and customer support efforts globally. "The industrial cyber-security market is in its infancy, and many organizations aren't fully aware of the challenges they face in securing their ICS networks," Barak Perelman, CEO of Indegy, told eWEEK. "We need to invest in market education as well as Indegy brand awareness. We are also setting up a 24/7 support center for both Asia and the U.S., which requires substantial capital." Perelman projected where he wants the company to be in 18 months, estimated how many people will be needed to get there and determined that $12 million will allow Indegy to take the steps necessary to reach its goals, he said.
At the core of most industrial networks is technology commonly referred to as SCADA (supervisory control and data acquisition), which is typically made with proprietary operating systems and purpose-built software. Providing security for SCADA requires a diverse skill set and research, which is where Indegy has invested a lot of effort. Perelman said that Indegy's research and development team comprises 70 percent of the employees in the company and its engineers have a deep background in researching various industrial devices.