Los Angeles, California— A USD 10 million in preliminary funding was revealed for Galvanick, a cybersecurity solution for defending industrial infrastructure against cyberattacks. Mac Venture Capital, Founders Fund, Village Global, Countdown Capital, Hanover Technology Investment Management, Shrug Capital, 8090 Industries, and more than 25 angel investors with expertise in manufacturing, finance, defense, and cybersecurity were among the major investors. Galvanick wants to utilize the funding to increase the use of its first product, an industrial-first Extended Detection & Response (XDR) platform, across more advanced manufacturing and necessary infrastructure facilities. It also hopes to hire more core employees.
A group of seasoned business professionals founded Galvanick, including co-founder Joshua Steinman, a former senior director for cyber on the National Security Council who designed the 2018 National Cyber Strategy, as well as co-founders Brandon Park and Feliks Pleszczynski, a former trader, economist, and White House employee. The engineering staff at Galvanick has extensive experience protecting industrial systems from cyberattacks and comes from companies like Amazon, Google, Uber, and Bechtel.
Industrial businesses have switched from manually operated to computer-controlled equipment during the past 30 years, giving up greater efficiency for an unknowable and potentially catastrophic downside risk. These industrial systems are now subject to a rising number of cyber attacks, which have cost billions of dollars in just the last five years and have the potential to undermine medicine production, turn off safety systems at oil refineries, or ruin millions of pounds of beef.
According to Joshua Steinman, CEO and Co-Founder of Galvanick, “Cyber attacks against industrial systems are on the rise, and they not only affect a firm’s bottom line but can pose a physical hazard to facilities and employees.” “It’s challenging to find industrial cybersecurity experts.”
Galvanick’s founding team spent six months interviewing experts from around the globe to better understand why protecting industrial systems from cyberattacks was such a difficult task. Ultimately, it came down to two significant findings: first, it is costly to employ industrial cybersecurity skills (a recent study produced less than 10,000 Americans), and second, it is tough to analyze various industrial data streams in real-time. The first product from Galvanick, an industrial-first XDR platform, aggregates data from industrial assets and environments and continuously scans for threats, allowing operations and IT/security teams to distinguish between legitimate and malicious behavior and contextualize it quickly.
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