Indegy announced it has closed an $18 million Series B round of financing led by Liberty Technology Venture Capital with participation from international energy and services firm Centrica plc, O.G. Tech Ventures and existing investors Shlomo Kramer, Magma Venture Partners, Vertex Ventures and Aspect Ventures.
The funds will be used to accelerate growth and expand global go-to-market initiatives for the Indegy industrial cybersecurity suite which helps protect systems used in manufacturing, energy, water, pharmaceuticals, and other infrastructures from cyber attacks.
In conjunction with the financing, Indegy also announced the appointment of two new executives to its management team: Joe Scotto from BAE Systems joins as Chief Marketing Officer and Todd Warwick from Imperva takes over as Vice President of Sales, Americas.
“Recent reports by the DHS and FBI regarding attacks against critical infrastructures have created a greater sense of urgency among industrial organizations to shore up their defenses, and produced a major spike in new business for Indegy,” said Barak Perelman, CEO of Indegy.
“This capital infusion provides the financial resources required to scale up the company and capitalize on this market opportunity. On the management front, the addition of Joe Scotto as CMO and Todd Warwick as VP Sales, Americas, gives us the experienced leadership we need to escalate our growth and market expansion.”
Centrica plc supplies energy and services to over 25 million customer accounts mainly in the UK, Ireland and North America through brands such as British Gas, Direct Energy and Bord Gáis Energy.
The investment from Centrica has been made by the company’s innovations arm, established last year to identify and accelerate new technology and ideas for homes and business.
“With a growing customer portfolio that spans 35 countries, we’re working to bring businesses world-leading energy management solutions that will allow customers to take greater control of their energy,” said Christophe Defert, VP Ventures for Centrica Innovations.
“In an increasingly connected world, we’re looking forward to working with Indegy as we explore ways to deploy distributed energy resources with the optimal security solution.”
Joe Scotto joins Indegy from BAE Systems, where he served as Vice President, Americas Marketing. Previously, Joe held positions with organizations including KPMG, Avaya and Time Warner, where he led Product and Solutions Marketing for their multi-channel global SMB business.
Todd Warwick joins Indegy from Imperva, a global provider of cyber security solutions, where he served as AVP of Sales. He has held sales management positions at Check Point Software and Alcatel-Lucent which was acquired by Nokia in 2016.