XONA Closes $18 Million Strategic Funding Round to Fuel Continued Growth

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Jun 11, 2024, 06:00 ET

Investment by Energy Impact Partners (EIP), Will Fund Acceleration of New Product Developments and Key Market Expansions

ANNAPOLIS, Md., June 11, 2024 /PRNewswire/ -- XONA, developer of the industry's leading zero-trust user access platform for industrial operations, announced today the close of an $18M strategic funding round led by established cyber investor Energy Impact Partners (EIP), bringing the company's total funding to $32M. The funding will allow the company to enhance its OT enterprise zero-trust user access platform, enabling customers to meet the ever evolving regulatory environment and stave off increasing cyber-attacks on critical infrastructure.

XONA enables frictionless user access that's purpose-built for operational technology (OT) and other critical infrastructure environments. Technology agnostic and configured in minutes, XONA's proprietary protocol isolation and zero-trust architecture immediately eliminates common attack vectors, while giving authorized users seamless and secure control of operational technology from any location or device.

"We're quickly expanding our team to support our energy, oil and gas, manufacturing, and government partners as they respond to the cybersecurity challenges associated with remote operations capacity," said Bill Moore, founder and CEO of XONA. "With new funding and strategic support from EIP, we are positioned for hypergrowth over the next few years."

The funding round for XONA's innovative solution occurs as industrial enterprises are experiencing a significant transition from on-site control room operations to hybrid remote and mobile models. While remote work empowers companies to respond to shifting employee preferences and operational realities, it introduces new cybersecurity vulnerabilities that risk people, property, and profits.

In addition to further strengthening the XONA team, the newly secured funding will accelerate product development, including growing strategic OEM and technology alliances, and providing richer user access analytics.

"We are thrilled to partner with XONA in this next phase of growth. Remote access for operational technology (OT) is one of the fastest-growing product categories, and XONA's product stands out for its unique time-to-value, ease of use, and robust security features designed specifically for OT environments. We see significant opportunities for solutions like XONA, especially in light of the major wave of VPN replacement and digital transformation initiatives. This partnership aligns perfectly with our commitment to supporting innovative technologies that help accelerate digital transformation and support the energy transition," said Tansel Ismail, Vice President at Energy Impact Partners.

In the last few years, operational asset owners have recognized the often urgent need to provide users, such as third-party vendors, partners, contractors, technicians, and other external IT staff, remote operations access to support the unique requirements of process control environments in critical infrastructure industries. But traditional remote access solutions, such as virtual private networks, open the door to cyber-attacks and breaches like ransomware attacks. With the market now taking off, especially since the COVID pandemic exposed the need, XONA is the only vendor focused strictly on serving the secure remote access needs of industrial operations.

XONA's secure and intuitive platform combines strong multi-factor authentication (MFA), asset and protocol isolation, role and time-based access controls, moderated access and file transfer, as well as user session logging and recording. To learn more about XONA's zero-trust user access platform for Industrial Operations, visit https://www.xonasystems.com/.

About XONA

XONA provides the industry's leading zero-trust user access platform for Industrial Operations. XONA's mission is to enable your organization's workforce of employees, contractors, consultants, vendors and part-time workers to be more productive and more secure while reducing your operational costs. XONA seamlessly and securely enables secure adaptive access to your most critical systems and applications while also reducing operational and cyber risks and increasing operational efficiency. Learn more by visiting https://www.xonasystems.com/.

About Energy Impact Partners

Energy Impact Partners LP (EIP) is a global investment firm leading the transition to a sustainable future. EIP brings together entrepreneurs and some of the world's most forward-looking energy and industrial companies to advance innovation. With over $4 billion in assets under management, EIP invests globally across venture, growth and credit – and has a team of over 90 professionals based in its offices in New York, San Francisco, Washington D.C., Atlanta, Palm Beach, London, Cologne, Oslo and Singapore. For more information on EIP, please visit www.energyimpactpartners.com.