With global demand soaring for protecting enterprise operations, TXOne Networks attracts significant Series B funding
TAIPEI, Taiwan, August 18, 2022 – TXOne Networks, a global leader in industrial Internet of Things (IIoT) security, announced that it has entered into definitive agreements in connection with its Series B financing with total investment proceeds of $70 million. The latest capital injection will be used to expand TXOne Networks’ global presence and defend industry verticals worldwide against complex and volatile cybersecurity threats to industrial control systems (ICS).
The new funding round was led by TGVest Capital ($20 million), with participation from KAiA Capital, CDIB Capital Group, CDIB-Innolux L.P., MediaTek, Ta Ya Electric Wire & Cable, Ta Ya Venture Capital, Simplo Technology Group, CHT Security Corporation and Ash Tower Limited, as well as Steven Pan, Silks Hotel Group Chair, and Chun-I Wu, TAYIH Group Chair. TXOne Networks completed its Series A financing in August 2021, and lead investors in that round—JAFCO Asia and Jade Stone Jinghua Limited Partnership Fund—increased their investment in Series B.
“Now, and more than ever, manufacturing companies and critical facilities globally are facing increasing pressure to ensure cybersecurity,” said DC Cheng, TGVest Capital Chair. “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. We at TGVest share TXOne’s vision to be a global leader for Operation Technology cybersecurity. Through the growth investment that we lead, we are proud to be partnering with the TXOne team to achieve the mission.”
According to MarketsandMarkets’ latest report, the market for ICS cybersecurity will grow to $32.4 billion by 2027. Not only high-value manufacturing and semiconductor sectors but also governments and critical information infrastructure have become the target of hackers. ICS vulnerabilities are being targeted in greater numbers, disrupting production, damaging assets worldwide and, in some cases, threatening lives and national security.
As the global pioneer of an “OT zero trust” approach to preserving critical assets’ integrity and productivity in operational technology (OT) environments, TXOne Networks provides the most advanced solutions to address enterprises’ needs to prepare for, avert and respond to ever-changing cybersecurity threats and keep operations running. TXOne Networks has been recognized by CRN as a 2022 Emerging Vendor in the Security category. The company serves a wide range of customers, such as large enterprises and international conglomerates, as well as the upstream, midstream and downstream supply chains in various sectors, including semiconductor, medical and pharmaceutical, automobile, aerospace, smart manufacturing, food processing, public transportation and critical electric infrastructure. The surge in cybersecurity demand contributed to a 107% increase YoY in TXOne Networks’ revenue in the first half of 2022. Furthermore, TXOne Networks’ employment in Europe and the United States increased by 67%, and that trend will continue with the overall number of staff in Asia, Europe and the United States expected to double by the end of this year.
“With cyberattacks on the rise, the zero trust era has arrived 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 from known and unknown threats, comply with regulatory requirements and improve core competitiveness,” said Dr. Terence Liu, TXOne Networks chief executive officer. “This unusually large round of Series B funding is proof of the market’s belief in TXOne Networks. Having won the trust of our investors in our innovative technologies and products and strong operations team, we are exceeding expectations. We will continue to expand our global market presence, recruit world-class talent and grow the world’s first OT zero trust-based cybersecurity platform.”
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About TXOne Networks
TXOne Networks offers cybersecurity solutions that ensure the reliability and safety of industrial control systems and operational technology environments through the OT zero trust methodology. TXOne Networks works together with both leading manufacturers and critical infrastructure operators to develop practical, operations-friendly approaches to cyber defense. TXOne Networks offers both network-based and endpoint-based products to secure the OT network and mission-critical devices in a real-time, defense-in-depth manner. www.txone.com
About TGVest Capital
TGVest Capital is an Asia based technology-focused private equity investment firm. It manages funds in technology growth capital and buyout investments with focuses in Taiwan and Japan. TGVest Capital was founded in 2016 by a group of senior investment professionals with corporate investment background. The firm aims to bring attractive returns and values to its portfolio through following long-term and disciplined investment approaches and fully utilizing its value-added resources. Please visit TGVest Capital’s website at https://www.tgvestcapital.com/ for additional information.
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Contacts
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