Series A round led by Punja Global Ventures with participation from AXA XL, Prosegur/SegTech and HCS Capital
BOSTON, MA, OCTOBER 16, 2024 - DeNexus, a leader in end-to-end cyber risk management for operational technology (OT), today announced it has raised $17.5 million in a Series A funding round, positioning DeNexus to accelerate its growth and expand its innovative product offerings and markets.
The funding round was led by Punja Global Ventures, with investment also from AXA XL, Prosegur/SegTech and HCS Capital. As part of this investment, Rimmo Jolly, co-founder at Punja Global Ventures, will join DeNexus' Board of Directors, while Libby Benet, Global Chief Underwriter Officer at AXA XL, will join as a Board Observer. With this new funding, DeNexus is well-positioned to address the growing need for comprehensive cyber risk management in industrial environments, helping organizations navigate the complex landscape of cybersecurity threats and regulations.
"This investment is a strong vote of confidence in DeNexus' vision and our ability to address the critical cybersecurity challenges faced by industrial enterprises and physical critical infrastructures," said Jose Seara, CEO of DeNexus. "We're poised to expand our go-to-market team, enhance our product offerings, and continue delivering on our commitment to provide a full-stack, end-to-end cyber risk management solution to our customers."
DeNexus has demonstrated significant traction, with its solutions currently deployed at over 200 sites across the USA, UK, and Europe. Building on its product offering from the initial customers in the power electricity sector, the company has also successfully implemented its technology with a top data center hyperscaler, as well as a global manufacturer, and has secured contracts to serve one of the world's largest airport owners and operators. The company is contributing to the cyber risk management of these critical activities and infrastructures at the backbone of our civilization.
"DeNexus is at the forefront of a crucial shift towards risk-based cybersecurity management," said Rimmo Jolly of Punja Global Ventures. "Their approach aligns perfectly with new cybersecurity regulations in the U.S., EMEA and APAC, which demand that corporations report on how they manage and govern cyber risk. We're excited to support DeNexus as they continue to innovate in this critical space."
The cybersecurity market is at an inflection point, with enterprises spending over $200 billion on cybersecurity solutions and cyber insurance, yet still feeling vulnerable, especially in OT infrastructures. DeNexus addresses this challenge by empowering organizations to make data-driven, evidence-based decisions about cyber risk, and whether to mitigate, accept, avoid, or transfer it using its state-of-the-art, AI/ML-powered flagship product DeRISKTM.
"As cyber threats to critical infrastructures continue to evolve, it's crucial that we support innovative solutions that can protect these vital systems, including proper affirmative insurance protection," said Libby Benet of AXA XL. "DeNexus' approach to cyber risk management is both timely and essential to build resilience in industrial companies and physical critical infrastructures, and we're proud to be part of their journey."
“In industrial environments, the boundaries between physical and cybersecurity get rapidly blurred,” says Barbara Albizuri, Director at Prosegur Tech Ventures. “Prosegur’s partnership with DeNexus reinforces our joint commitment to safeguarding critical infrastructure by combining cutting-edge cyber risk management technology with physical security expertise.”
DeNexus' Board of Directors includes industry veterans Jose Seara, Alex Horvitz, Herb Madan, Rosa Kariger and Rimmo Jolly, bringing a wealth of experience to guide the company's strategic direction.
“The insights generated by DeNexus' technology open tremendous opportunities to improve the security in OT environments and to transfer risks from industrial operators to risk carries in the insurance and reinsurance market,” said Alex Horvitz, CEO of HCS Capital and Board Member of DeNexus.
About DeNexusTM
DeNexus is the leading provider in end-to-end cyber risk management for industrial networks. The company aims to establish the global standard in industrial cyber risk management for risk owners, shareholders, investors, boards, and the risk transfer market. Employing advanced simulation, AI, ML, and internal OT network data in its flagship product DeRISKTM, DeNexus forecasts incident probabilities, translating them into quantifiable financial risks. Trusted by Global 1000 companies in sectors like energy, manufacturing, transportation, and data center operations, DeNexus provides an evidence-based approach to tailor cybersecurity programs and optimize risk reduction investments. https://www.denexus.io
DeNexus press contact:
ICR/Lumina Communications for DeNexus
Danielle Scotto, Account Director
danielle.scotto@luminapr.com
917-622-4688