Radiflow raises $18 million venture round
Investment round led by Singapore-based technology, defence and engineering group ST Engineering
Singapore (July 11, 2018) – Radiflow, a leading provider of industrial cybersecurity solutions for critical infrastructure, today announced that the company has closed an $18 million investment round.
This investment round was led by ST Engineering Ventures, the Corporate Venture Capital unit of ST Engineering. Radiflow’s existing investors, led by Zohar Zisapel, also participated in this investment round.
Radiflow provides cybersecurity solutions for industrial control systems (ICS) and Supervisory control and data acquisition (SCADA) networks. The company has been one of the pioneers in this market and has been growing rapidly with more than 50 customers worldwide, including Tier 1 critical infrastructure operators in the United States and Europe, and endorsements from leading US national labs and consultants. Radiflow’s wide product portfolio, which consists of risk assessment, threat detection and secure remote access tools with unique in-depth industrial asset visibility, anomaly detection and distributed architecture, offers extensive use cases and applications for protecting ICS and SCADA networks.
The cybersecurity risks to the conservative industrial market have been recently highlighted with both focused attacks, such as the Triton case, and IT-based attacks, including the cryptocurrency mining malware attack that Radiflow’s iSID system detected at a waste-water facility. Radiflow is addressing these challenges with its advanced industrial cybersecurity solutions and its rapidly expanding technology partner ecosystem, which includes recently announced collaboration with Palo Alto Networks and RSA, to ease field deployments and ensure compliance with the new regulations, including NERC CIP and the EU NIS Directive.
Radiflow reports that the company is experiencing strong demand for its industrial cybersecurity solutions across all critical infrastructure sectors and has more than doubled the sales of its threat detection tools and services over the past year.
Radiflow will use the investment proceeds to extend its sales network to support the growing market demand, strengthen its brand globally and continue developing its innovative solutions to meet the evolving customer needs.
The investment and partnership enables ST Engineering to access Radiflow’s detection and prevention tools, which has been integrated with its Rail Command, Control and Communications (C3) Systems (SCADA) – in this instant the rail supervisory control and data acquisition (SCADA) system. The combining of these two technologies has resulted in the development of the region’s first end-to-end cybersecurity solution for the rail transport industry
“This investment in Radiflow demonstrates ST Engineering’s focus in identifying startups with global best-in-class technologies for collaboration opportunities. The access to our established business networks and channels will help these companies to expand and accelerate the scope of their growth, developing solutions that will benefit our global customers,” said Low Ka Hoe, Chief Strategy Officer at ST Engineering.
“We are excited that ST Engineering has extended its partnership with us and has decided to make a strategic investment in Radiflow,” commented Ilan Barda, CEO of Radiflow. “The collaboration between ST Engineering and Radiflow will enable us to introduce our solutions to new customers and territories, while this new investment will facilitate us to expand our market traction and accelerate the next stage of our growth.”
About ST Engineering
ST Engineering is a global technology, defence and engineering group specialising in the aerospace, electronics, land systems and marine sectors. The Group employs about 22,000 people across offices in Asia, the Americas, Europe and the Middle East, serving customers in the defence, government and commercial segments in more than 100 countries. With more than 500 smart city projects across 70 cities in its track record, the Group continues to help transform cities through its suite of Smart Mobility, Smart Security and Smart Environment solutions. Headquartered in Singapore, ST Engineering reported revenue of S$6.62b in FY2017 and it ranks among the largest companies listed on the Singapore Exchange. It is a component stock of the FTSE Straits Times Index, MSCI Singapore, SGX ESG Transparency Index and SGX ESG Leaders Index. For more information, visit www.stengg.com.
ST Engineering Ventures is the Corporate Venture Capital unit of ST Engineering which scouts for and invests in promising technology start-ups that are developing new technologies or creating innovative solutions complementary to the Group’s strategic capabilities in higher growth areas, such as in the areas of robotics and autonomous technology, data analytics and cyber security. Scouted start-ups will be able to access both funding and the Group’s resources, capabilities and customer networks.
Radiflow is a leading provider of cybersecurity solutions for ICS and SCADA networks in critical infrastructure, including tools for NERC CIP and EU NIS compliance. Radiflow’s industrial cybersecurity solutions are protecting the operation technology networks of over 50 operators of critical infrastructure, including power generation, electricity supply, water facilities and others, in four continents around the world. Radiflow’s Industrial Threat Detection System passively learns and maps an OT network, providing in-depth Visibility and situational awareness, and alerts in real-time for any anomalies in unexpected network behaviors. For more information, please visit www.radiflow.com and follow the company on LinkedIn.