TEL AVIV (Reuters) - Israeli rail cybersecurity provider Cylus said on Thursday it raised $12 million in an early investment round, bringing its total raised to $17 million.
The round included new investors such as Indian engineering firm Cyient, Cerca Partners, GlenRock and FollowTheSeed. Former Chancellor of Austria Christian Kern, who is now a partner in The Blue Minds Co, joined the round as well as previous investor Zohar Zisapel and SBI. Existing investors Magma Venture Partners and Vertex Ventures co-led the round.
Cylus, which helps rail and metro companies avoid safety incidents and service disruptions caused by cyber attacks, said it will use the funding to accelerate its activities in Europe, the United States and Asia-Pacific. It will also increase its research and development efforts and expand its team.
Reporting by Tova Cohen