TEL AVIV, Israel, June 6, 2019 /PRNewswire/ -- Cylus, the global leader in rail and metro cybersecurity, today announced that it has raised $12M in a Series A funding round.
The round was joined by several new investors, including Cyient (NSE: CYIENT), a global provider of engineering and technology solutions for rolling stock and signaling OEMs and rail operators, Cerca Partners, GlenRock, Leon Recanati's private investment company, and FollowTheSeed. Former Chancellor of Austria Christian Kern, who is now a Partner and Managing Director of The Blue Minds Company, also joined the round as well as previous investor Zohar Zisapel and SBI. Existing investors Magma Venture Partners and Vertex Ventures co-led the round.
"I know firsthand that cybersecurity is among the top priorities for rail executives," said former Austrian Chancellor and former CEO of ÖBB, the Austrian Federal Railways, Christian Kern. "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. Cylus' laser-sharp focus on this industry provides customers the huge advantage of a dedicated product designed by experts who speak both cyber and rail."
With $17 million in total funding to date, Cylus is already cooperating with leading rail integrators and other key players in the rail ecosystem. Cylus will use the funding to accelerate its activities in the EU, US, and APAC, meeting the growing demand for its solutions. The funds will also be used to increase R&D efforts and expand the Cylus team of cybersecurity and rail experts.
"Rail systems have become technologically advanced, and the threat of cyber-attacks is constantly growing," said Amir Levintal, CEO and Co-founder of Cylus. "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."
"As part of our strategy to develop intelligent mobility solutions for a safer tomorrow, we are excited about investing in Cylus and their world-leading cybersecurity solutions," said Prabhakar Atla, Senior Vice President, and Rail Transportation Business Unit Head, Cyient. "This investment allows us to leverage the rapid evolution of connected and intelligent rail assets and further strengthen Cyient's value proposition of enabling the Rail Transportation industry to efficiently design, build, and maintain safe assets and secure networks," he added.
"Cylus has moved quickly to build an unparalleled team and develop the first-to-market, dedicated solution for rail, becoming the global leader in rail cybersecurity," said Yoram Oron, Cylus' Chairman and Founder of Vertex Ventures. "I continue to be impressed by Cylus' vision, their impressive traction with major rail industry players, and their uncompromising ability to help rail companies protect their networks and passengers."
Cylus, the global leader in rail cybersecurity, helps rail and metro companies avoid safety incidents and service disruptions caused by cyber-attacks. Cylus developed CylusOne™, the first-to-market solution designed to meet the unique cybersecurity needs of the rail industry. CylusOne™ detects cyber threats in the signaling and control networks, trackside and onboard, facilitating a timely and effective response before any harm is done. Led by veterans from the Elite Technological Unit of the Israel Defense Forces' Intelligence Corps, together with top executives from the railway industry, Cylus combines deep expertise in cybersecurity and rail.
For more information on Cylus, visit: www.cylus.com.