TXOne Networks, a Taipei, Taiwan-based global leader in the industrial Internet of Things (IIoT) security, announced that it has entered into definitive agreements in connection with a $70 million Series B financing.
TGVest Capital led the new funding round ($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 Silks Hotel Group Chair Steven Pan and TAYIH Group Chair Chun-I Wu.
TXOne Networks' latest capital infusion will be used to expand its global presence and defend industry verticals around the world against complex and volatile cybersecurity threats to industrial control systems (ICS).
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.
Company: TXOne Networks Inc.
Raised: $70.0M
Round: Series B
Funding Month: Aug 2022
Lead Investors: TGVest Capital
Additional Investors: 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, Ash Tower Limited, Steven Pan, and Chun-I Wu
Company Website: https://www.txone.com/
Software Category: Cybersecurity Solutions
About the Company: 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. 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.
Source: https://www.txone.com/news/txone-networks-raises-70-million-in-series-b-funding/