{"id":47436,"date":"2022-08-18T15:01:37","date_gmt":"2022-08-18T13:01:37","guid":{"rendered":"https:\/\/pharma-trend.com\/en\/ics-cybersecurity-leader-txone-networks-raises-70-million-in-series-b-funding\/"},"modified":"2022-08-18T15:01:37","modified_gmt":"2022-08-18T13:01:37","slug":"ics-cybersecurity-leader-txone-networks-raises-70-million-in-series-b-funding","status":"publish","type":"post","link":"https:\/\/pharma-trend.com\/en\/ics-cybersecurity-leader-txone-networks-raises-70-million-in-series-b-funding\/","title":{"rendered":"ICS Cybersecurity Leader TXOne Networks Raises $70 Million in Series B Funding"},"content":{"rendered":"
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\nWith global demand soaring for protecting enterprise operations, TXOne Networks attracts significant Series B funding\n<\/p>\n

IRVING, Texas & TAIPEI, Taiwan–(BUSINESS WIRE)–#OTZeroTrust<\/a>—TXOne Networks<\/a>, a global leader in industrial Internet of Things (IIoT) security, announced that it has entered into definitive agreements in connection with its Series B financing with total investment proceeds of $70 million. The latest capital injection will be used to expand TXOne Networks’ global presence and defend industry verticals worldwide against complex and volatile cybersecurity threats to industrial control systems (ICS).\n<\/p>\n

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\nThe new funding round was led by TGVest Capital ($20 million), with participation from KAiA Capital, CDIB Capital Group, CDIB-Innolux L.P., MediaTek, Ta Ya Electric Wire & Cable, Ta Ya Venture Capital, Simplo Technology Group, CHT Security Corporation and Ash Tower Limited, as well as Steven Pan, Silks Hotel Group Chair, and Chun-I Wu, TAYIH Group Chair. TXOne Networks completed its Series A financing in August 2021, and lead investors in that round\u2014JAFCO Asia and Jade Stone Jinghua Limited Partnership Fund\u2014increased their investment in Series B.\n<\/p>\n

\n\u201cNow, and more than ever, manufacturing companies and critical facilities globally are facing increasing pressure to ensure cybersecurity,\u201d said DC Cheng, TGVest Capital Chair. \u201cTXOne, as an early mover and with the unique technology and solutions it has developed, is undoubtedly well positioned to capitalize such growing demand and to protect companies from potential cybersecurity impacts. We at TGVest share TXOne\u2019s vision to be a global leader for Operation Technology cybersecurity. Through the growth investment that we lead, we are proud to be partnering with the TXOne team to achieve the mission.\u201d\n<\/p>\n

\nAccording to MarketsandMarkets\u2019 latest report<\/a>, the market for ICS cybersecurity will grow to $32.4 billion by 2027. Not only high-value manufacturing and semiconductor sectors but also governments and critical information infrastructure have become the target of hackers. ICS vulnerabilities are being targeted in greater numbers, disrupting production, damaging assets worldwide and, in some cases, threatening lives and national security.\n<\/p>\n

\nAs the global pioneer of an \u201cOT zero trust\u201d approach to preserving critical assets\u2019 integrity and productivity in operational technology (OT) environments, TXOne Networks provides the most advanced solutions to address enterprises\u2019 needs to prepare for, avert and respond to ever-changing cybersecurity threats and keep operations running. TXOne Networks has been recognized by CRN as a 2022 Emerging Vendor in the Security category. The company serves a wide range of customers, such as large enterprises and international conglomerates, as well as the upstream, midstream and downstream supply chains in various sectors, including semiconductor, medical and pharmaceutical, automobile, aerospace, smart manufacturing, food processing, public transportation and critical electric infrastructure. The surge in cybersecurity demand contributed to a 107% increase YoY in TXOne Networks\u2019 revenue in the first half of 2022. Furthermore, TXOne Networks\u2019 employment in Europe and the United States increased by 67%, and that trend will continue with the overall number of staff in Asia, Europe and the United States expected to double by the end of this year.\n<\/p>\n

\n\u201cWith cyberattacks on the rise, the zero trust era has arrived for OT networks. TXOne Networks\u2019 highly adaptable, OT-native cybersecurity solutions for ICS are proving uniquely up to the task of helping enterprises safeguard operations from known and unknown threats, comply with regulatory requirements and improve core competitiveness,\u201d said Dr. Terence Liu, TXOne Networks chief executive officer. \u201cThis unusually large round of Series B funding is proof of the market\u2019s belief in TXOne Networks. Having won the trust of our investors in our innovative technologies and products and strong operations team, we are exceeding expectations. We will continue to expand our global market presence, recruit world-class talent and grow the world’s first OT zero trust-based cybersecurity platform.\u201d\n<\/p>\n

\nLearn more about TXOne Networks ICS cybersecurity:\n<\/p>\n