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Israel-based rail cybersecurity services provider Cylus has raised $12m in a Series A funding round to support global expansion.
The round was jointly led by the company’s existing investors, Magma Venture Partners and Vertex Ventures.
Several new investors, including Cyient, Cerca Partners, GlenRock, Leon Recanati’s private investment company, and FollowTheSeed, also participated in the round.
The round was joined by former Chancellor of Austria and the Blue Minds Company managing director Christian Kern, as well as Cylus’ previous backers Zohar Zisapel and SBI.
With the latest funding, Cylus has raised a total of $17m to date.
Cylus intends to use the proceeds to push its activities in the European Union, the US and Asia-Pacific region.
The Israeli firm also plans to use part of the funds to support research and development, as well as strengthen its team of cybersecurity and rail experts.
Cylus CEO and co-founder Amir Levintal said: “Rail systems have become technologically advanced, and the threat of cyber-attacks is constantly growing.
“We have already established strong relationships with key players in the rail industry and growing partnerships with leading rail operators. We are moving full steam ahead to scale our team and expand globally.”
Cylus focuses on assisting rail and metro companies in preventing cyber-attacks, which may cause service disruptions and other safety incidents.
Its CylusOne solution can identify cyber threats in signalling and control networks, trackside and on-board, as well as facilitate swift response.
Kern said: “As cyber-attacks increasingly threaten rail safety and availability, rail stakeholders understand the pressing need for substantial cybersecurity investment.
“Cylus’ solution is crucial to mitigating the escalating cyber threats railway companies face.”
The post Rail cybersecurity services provider Cylus raises $12m appeared first on Railway Technology.
This article first appeared on www.railway-technology.com
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