Industrial cybersecurity startup TXOne Networks secures funding

August 19, 2021 // By Jean-Pierre Joosting
Industrial cybersecurity startup TXOne Networks secures funding
Significant financing of $12.9 million will foster substantial growth in the highly anticipated industrial cybersecurity market and expand the business.

TXOne Networks, a leader in Industrial IoT (IIoT) security, has completed its "Series A" financing with an investment of $12.9 million this round, and in total has received $23.7 million in investments since its founding. This round was led by JAFCO Asia Investment, Jade Stone Jinghua Limited Partnership Fund, and a number of other well-known investors. The funds raised will be used to refine TXOne's highly adaptable 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 organizations at various phases of digital transformation and perfecting the defense solutions necessary for the digital transformation of the ICS industry.

TXOne Networks, a joint venture of Trend Micro and Moxa has rapidly become one of the 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 recognized by industrial customers since its founding, and we have experienced substantial growth since then. 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."

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. 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."

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