Taiwan and Texas, U.S-based global leader in the industrial Internet of Things (IIoT) security TXOne Networks raised USD 70 million. The Series B round took place on August 18, 2022. TGVest Capital led the financing for the firm. Meanwhile, 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 participated in the funding.
Purpose of funding by TXOne Networks
With the latest investment, the company plans to expand TXOne Networks’ global presence. It seeks to defend industry verticals worldwide against complex and volatile cybersecurity threats to industrial control systems (ICS).
Earlier in 2021, the company raised Series A funding. JAFCO Asia and Purestone Silks Investment Fund led the financing back then. They also contributed funds and substantially increased their investment in the Series B round.
What the TXOne Networks official has to say
Dr Terence Liu, TXOne Networks chief executive officer, said, “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. 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.”
What the investor has to say
DC Cheng, TGVest Capital Chair, said, “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 on 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.”
About the company
Eva Chen and Terence Liu co-founded the company in 2019. TXOne Networks offers cybersecurity solutions. It ensures the reliability and safety of industrial control systems and operational technology environments through the OT zero trust methodology. CRN has recognized TXOne Networks as a 2022 Emerging Vendor in the Security category.
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