Rail cybersecurity technology provider Cylus has raised $30 million in a series B funding round, bringing the Israeli company’s total funding to over $57 million.
This latest round was led by U.S. firm Ibex Investors and joined by Vertex Growth Fund, Strides International Business, Magma Venture Partners, Vertex Ventures Israel, Israeli serial entrepreneur and Cylus board member Zohar Zisapel and Glenrock Israel, the company said Wednesday.
Cylus also said William Heinrich, former chief information security officer for Amtrak and BNSF (NYSE: BRK.B), and Mark Grant, former chief information security officer for CSX (NASDAQ: CSX), have joined the company’s advisory board.
Cylus describes its technology as enabling passenger and freight rail systems of all sizes to secure their networks through real-time threat detection and mitigation. A May 2020 FreightWaves article describes Cylus’ software offering as providing railway companies with real-time visibility to automatically detect hackers and establish protective measures around the network in case of an attack.
“We have seen a massive wave of digitization in the railway industry over the last few years. Despite this being a very positive trend, it has also entailed an exponential expansion of the surface area hackers can access to penetrate railway networks — which could lead to serious outcomes in one of the most core modes of transportation and critical infrastructure,” said Gal Gitter, partner and managing director of Ibex Investors. Gitter will become a Cylus board member. “Cylus changes all of that by providing the most advanced and holistic cybersecurity platform for railway networks and operators. Cylus’ platform is already in place across many of the world’s leading railway operators, and we believe it will become the ubiquitous platform used across the industry. Together with its industry partners and collaborators, Cylus is on a mission to enable secure railway operations and travel for the years to come, and we could not be more excited to back them.”
Cylus will use the funding to grow its presence in North America, Europe and the Asia-Pacific region.
“The railways are such an essential part of our critical infrastructure, and really, of our everyday lives, that it is crucial that this industry gets the level of cyber protection it demands, and needs,” said Cylus CEO and co-founder Amir Levintal. “This tremendous vote of confidence from our leading global investors and partners will allow us to continue to provide best-in-market cybersecurity for this high-growth market as we onboard more customers and partners worldwide.”
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