Cyber company NanoLock Security raises $11 million in Series B round
The capital will be used to expand NanoLock's operations in national infrastructure and industrial security markets worldwide. The company will also add senior experts to its ranks and register new patents
Cybertech
| 12/07/2021
Photo courtesy of NanoLock Security
Cyber company NanoLock Security, which specializes in securing edge devices connected to critical infrastructures such as electricity, water and gas meters, IIoT and industrial control systems, announced that it had raised $11 million in a Series B finding round. Existing investors AWZ Ventures, a private investment group that includes former Canadian Prime Minister Stephen Harper, as well as new investors participated in the round. The total funds raised by the company now stand at $16 million after the company raised $5 million in a Series A round in 2017.
The latest investment will enable NanoLock Security to accelerate its development of device-level security solutions and its penetration into utilities¸ industrial¸ and critical infrastructure markets. NanoLock Security currently employs dozens of workers at its R&D center in Israel and at its offices in the U.S., Europe and Japan. Following the funding round, the company plans to recruit 20 additional workers in the fields of marketing, sales and development along with managers in the target markets.
Via its network of international partners, the company's solutions are currently protecting infrastructures and industrial companies in the U.S., Italy, India, the Netherlands, Japan, Singapore, Spain and Switzerland from internal, external or supply chain attacks. NanoLock Security has signed agreements with international partners including well-known companies such as smart meter manufacturer Genus Power and software providers Atlantica Digital and Nozomi Networks, a global leader in network cybersecurity solutions.
"NanoLock Security has taken the zero trust model into the device level," said Avi Kochva, co-CEO of R&D venture capital fund HIVE2040 and a board member at Nanolock. "In light of the increasing cyberattacks on critical infrastructure and plants, and the fact that cyber threats also come from the organization and the supply chain, previously considered safe, we believe that expanding the deployment of NanoLock-protected products is more urgent than ever".
Eran Fine, CEO and co-founder of NanoLock, said "We are dramatically expanding our footprint with deployments¸ partners¸ technology patents¸ and now we have added executives with impressive reputations in cybersecurity and utilities as well as market-specific knowledge that will complement our growth and expansion and allow us to accelerate deployments."
"Our solution addresses an urgent need," Fine added. "As we’ve seen with SolarWinds, SITA, and the Colonial Pipeline breach, insider and supply chain attacks on utilities and critical infrastructures are escalating rapidly. Nothing will stop hackers from continuing to try to breach these networks, but our Zero Trust, device-level solution will stop them from succeeding.”
NanoLock recently expanded its management staff by adding three leading infrastructure cybersecurity experts who are well known in the industry. Yanir Laubshtein, who has 20 years of experience, was appointed as vice president, Cybersecurity and Industry. Sagi Berco, who was appointed as vice president of Research and Development, has 20 years of experience in cyber development and management in the intelligence community. David Stroud has joined NanoLock as GM of Europe and APAC. David Stroud, who was appointed as GM of Europe and APAC, has 15 years of international experience in the field of smart meters.
To secure the value of the solution it developed, NanoLock has acquired two new patents from the U.S. Patent and Trademark Office. It recently acquired an Access Control for Integrated Circuit Devices patent that covers a security system for devices that physically locks the hardware memory by preventing overwrite, modification, manipulation or erasure of data stored in the memory.
The capital will be used to expand NanoLock's operations in national infrastructure and industrial security markets worldwide. The company will also add senior experts to its ranks and register new patents
Photo courtesy of NanoLock Security
Cyber company NanoLock Security, which specializes in securing edge devices connected to critical infrastructures such as electricity, water and gas meters, IIoT and industrial control systems, announced that it had raised $11 million in a Series B finding round. Existing investors AWZ Ventures, a private investment group that includes former Canadian Prime Minister Stephen Harper, as well as new investors participated in the round. The total funds raised by the company now stand at $16 million after the company raised $5 million in a Series A round in 2017.
The latest investment will enable NanoLock Security to accelerate its development of device-level security solutions and its penetration into utilities¸ industrial¸ and critical infrastructure markets. NanoLock Security currently employs dozens of workers at its R&D center in Israel and at its offices in the U.S., Europe and Japan. Following the funding round, the company plans to recruit 20 additional workers in the fields of marketing, sales and development along with managers in the target markets.
Via its network of international partners, the company's solutions are currently protecting infrastructures and industrial companies in the U.S., Italy, India, the Netherlands, Japan, Singapore, Spain and Switzerland from internal, external or supply chain attacks. NanoLock Security has signed agreements with international partners including well-known companies such as smart meter manufacturer Genus Power and software providers Atlantica Digital and Nozomi Networks, a global leader in network cybersecurity solutions.
"NanoLock Security has taken the zero trust model into the device level," said Avi Kochva, co-CEO of R&D venture capital fund HIVE2040 and a board member at Nanolock. "In light of the increasing cyberattacks on critical infrastructure and plants, and the fact that cyber threats also come from the organization and the supply chain, previously considered safe, we believe that expanding the deployment of NanoLock-protected products is more urgent than ever".
Eran Fine, CEO and co-founder of NanoLock, said "We are dramatically expanding our footprint with deployments¸ partners¸ technology patents¸ and now we have added executives with impressive reputations in cybersecurity and utilities as well as market-specific knowledge that will complement our growth and expansion and allow us to accelerate deployments."
"Our solution addresses an urgent need," Fine added. "As we’ve seen with SolarWinds, SITA, and the Colonial Pipeline breach, insider and supply chain attacks on utilities and critical infrastructures are escalating rapidly. Nothing will stop hackers from continuing to try to breach these networks, but our Zero Trust, device-level solution will stop them from succeeding.”
NanoLock recently expanded its management staff by adding three leading infrastructure cybersecurity experts who are well known in the industry. Yanir Laubshtein, who has 20 years of experience, was appointed as vice president, Cybersecurity and Industry. Sagi Berco, who was appointed as vice president of Research and Development, has 20 years of experience in cyber development and management in the intelligence community. David Stroud has joined NanoLock as GM of Europe and APAC. David Stroud, who was appointed as GM of Europe and APAC, has 15 years of international experience in the field of smart meters.
To secure the value of the solution it developed, NanoLock has acquired two new patents from the U.S. Patent and Trademark Office. It recently acquired an Access Control for Integrated Circuit Devices patent that covers a security system for devices that physically locks the hardware memory by preventing overwrite, modification, manipulation or erasure of data stored in the memory.
