Amid what it calls a soaring global demand for cybersecurity services, a recent transplant to the region has raised one of the larger funding rounds for North Texas this year.
TXOne Networks, which focuses on operational technology (OT) networks and devices, announced landing a $70 million Series B funding round as it looks to expand its global presence and industry reach from its Americas headquarters in Irving.
“With cyberattacks on the rise, the zero-trust era has arrived for OT networks,” Terence Liu, TXOne CEO, said in a statement.
New funding brings TXOne’s total to nearly $95 million
Serving clients from industries ranging from pharmaceuticals and public transportation to aerospace and smart manufacturing, the Taiwan-based company said the new funding will help position it to capture a growing demand in the industrial control systems market.
The funding was led by VC firm TGVest Capital, which invested $20 million in the round. KAiA Capital, CDIB Capital Group, MediaTek, Ta Ya Venture Capital, and Simplo Technology Group were among 10 other investors in the Series B. The latest funding adds to the $23.7 million TXOne has previously raised, most recently with a $12.9 million Series A led by JAFCO Asia Investments and Jade Stone Jinghua Limited Partnership Fund that it raised last August.
The announcement comes as the company says demand has driven a 107% increase in its year-over-year revenue in the first half of 2022. While not disclosing specific numbers, TXOne added that it has increased its U.S. and European workforce by 67% over the past year and expects to double its size globally by the end of the year.
TXOne opened its local Americas HQ in June
TXOne was launched in 2019 as a joint venture between Japan-based Trend Micro, which also has its U.S. headquarters in Irving, and Taiwanese automation solutions firm Moxa. With offices in Taipei City, Taiwan; Tokyo; and The Netherlands, the company opened its America HQ at the Urban Towers complex in the Las Colinas development in early June—a move TXOne said would bolster its channel and customer support activities by putting it in close proximity to tech-focused and Fortune 500 companies.
“Now more than ever, manufacturing companies and critical facilities globally are facing increasing pressure to ensure cybersecurity,” said DC Cheng, TGVest Capital chair, in a statement. “TXOne, as an early mover and with the unique technology and solutions it has developed, is undoubtedly well positioned to capitalize such growing demand and to protect companies from potential cybersecurity impacts.”
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