Cylus, has raised $12million in a Series A funding round.The round was joined by several new investors, including Cyient a global provider of engineering and technology solutions for rolling stock and signaling OEMs and rail operators, Cerca Partners, GlenRock, Leon Recanati’s private investment company, and FollowTheSeed. Former Chancellor of Austria Christian Kern, who is now a Partner and Managing Director of The Blue Minds Company, also joined the round as well as previous investor Zohar Zisapel and SBI. Existing investors Magma Venture Partners and Vertex Ventures co-led the round.
“I know firsthand that cybersecurity is among the top priorities for rail executives,” said former Austrian Chancellor and former CEO of ÖBB, the Austrian Federal Railways, Christian Kern. “As cyber-attacks increasingly threaten rail safety and availability, rail stakeholders understand the pressing need for substantial cybersecurity investment. Cylus’ solution is crucial to mitigating the escalating cyber threats railway companies face. Cylus’ laser-sharp focus on this industry provides customers the huge advantage of a dedicated product designed by experts who speak both cyber and rail.”
With $17 million in total funding to date, Cylus is already cooperating with leading rail integrators and other key players in the rail ecosystem. Cylus will use the funding to accelerate its activities in the EU, US, and APAC, meeting the growing demand for its solutions. The funds will also be used to increase R&D efforts and expand the Cylus team of cybersecurity and rail experts.
“Rail systems have become technologically advanced, and the threat of cyber-attacks is constantly growing,” said Amir Levintal, CEO and Co-founder of Cylus. “We have already established strong relationships with key players in the rail industry and growing partnerships with leading rail operators. We are moving full steam ahead to scale our team and expand globally.”