In a series B funding round led by TGVest Capital, IoT Security Company TXOne Networks has grabbed $70 million. KAiA Capital, CDIB Capital Group, Simplo Technology Group, Ash Tower and others participated in this round. Such a huge amount of investment in this segment points to the increasing demand for cybersecurity solutions across the industry.
Though increased deployment of connected devices has been a boon for efficiency and productivity, it has simultaneously broadened the threat and scope of potential cyberattacks. The chairperson of TGVest capital, DC Cheng observed, “Now, and more than ever, manufacturing companies and critical facilities globally are facing increasing pressure to ensure cybersecurity. TXOne, 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.”
According to the CEO of TXOne Networks, Dr Terence Liu, the increasing cases of cyberattacks have given rise to the zero trust era for OT networks.“TXOne Networks’ highly adaptable, OT-native cybersecurity solutions for ICS are proving uniquely up to the task of helping enterprises safeguard operations…This unusually large round of Series B funding is proof of the market’s belief in TXOne Networks.”
Now, TXOne Networks looks forward to expanding its market standing and employee base across geographies, with the aim to 2x staff in major markets like the USA, Europe and Asia.
