TXOne Networks, a specialist in Industrial IoT (IIoT) security, has closed a USD12.9 million Series A financing round led by JAFCO Asia Investment, Jade Stone Jinghua Limited Partnership Fund, and a number of other well-known investors.
The company has now raised USD23.7 million in investments since its inception.
The funds raised will be used to refine TXOne’s Industrial Control System (ICS) security products, to expand its business in certain regions, and to strengthen marketing and after-sales service teams. Long-term, TXOne will continue to place its focus on simplifying the complex and fast-changing cybersecurity issues that are troublesome for organisations at various phases of digital transformation and perfecting the defence solutions necessary for the digital transformation of the ICS industry.
TXOne Networks, a joint venture of Trend Micro, a global leader in information security solutions, and Moxa, a global leader in industrial infrastructure, has rapidly become one of the world’s foremost industrial cybersecurity brands – in part thanks to the recognition of recently-won international awards.
Dr Terence Liu, CEO of TXOne Networks, explains: “TXOne Networks has been recognised by industrial customers since its founding, and we have experienced substantial growth since then. I am very pleased that we have completed this Series A round of investments with a good result and the trust of our investors. The successful completion of this fundraising is of great significance to us, and to setting up the next stage of TXOne Networks’ development.”
Yoshiyuki Shibusawa, President and Chief Executive Officer of JAFCO Asia, a Japanese venture capital group, adds: “Deploying security measures in Operational Technology (OT) such as in industrial control systems is becoming increasingly important and urgent. Cyber threats
to such targets are growing at alarming rates and pose social risks that can no longer be overlooked. This is why getting to know TXOne Networks, who are in the midst of this remarkable problem-solving, has been very exciting for us. With the respectable team led by Dr Liu, together we will do our best to tackle this critical theme.”
Eva Chen, CEO and co-founder of TXOne Networks’ mother company TrendMicro, concludes: “We live in a connected world; the present danger to cybersecurity is very clear. Security is Trend Micro’s entire focus, and the Industrial Control System (ICS) is no exception. I am so glad to see our mission of securing the world can extend through TXOne Networks to inspire innovations that can keep up with attackers, especially in the face of threats evolving to target diverse ICS verticals.”
