PAS Raises $40M in New Funding to Secure Industrial Control Systems
There is money to be made in securing ICS.
In the modern world, internet connectivity, whether it's for a consumer device or an enterprise system, is common. Along with connectivity comes risks, however, as attacks can occur from anywhere in the world at any time.
Securing Industrial Control Systems (ICS) is a growing market for cybersecurity vendors, which is why Houston-based PAS announced on April 11 that it is raising a new $40 million round of funding. The new funding was led by Tincum L.P.
The new money will be used by PAS to help grow the company's go-to-market efforts as well as its technology development.
"The cyber assets that matter most — the ones primarily responsible for safety and production in power generation plants, chemical facilities, and refineries — are some of the most insecure systems in the industry today," Trip Zedlitz, partner at Tinicum, said in a statement. "We invested in PAS because they secure this class of endpoints in a way that no other ICS cybersecurity software solution in the market can do, and they help companies comply with a growing regulatory and standards landscape that includes NERC CIP, NIST, and IEC 62443."
PAS has several different products in its portfolio that look at different areas of ICS security. In October 2016, the company launched its IPL Assurance platform, which provides predictive analytics about the availability of key ICS systems that make up a class of technology known as Independent Protection Layers (IPL), including alarm management systems as well as safety instrumented systems (SIS).
"IPL Assurance provides up-to-date IPL lifecycle management so that operations can immediately ascertain the overall risk profile of any facility," Mark Carrigan, Senior Vice President of Global Operations at PAS, said in a statement. "This visibility from an automated single source of truth is essential to preventing critical safety incidents and supporting IEC and OSHA compliance requirements."
PAS also developes the PlantState Suite (PSS) software, which provides a view into the operation risk of ICS networks and systems.
The market for ICS cybersecurity solutions is a competitive one, with several active vendors, among them startup Claroty, which emerged from stealth in September 2013. Claroty raised $32 million in funding from investors Bessemer Venture Partners, Eric Schmidt's Innovation Endeavors, Marker LLC, ICV, Red Dot Capital Partners and Mitsui & Co.
PAS sees its expertise in the market as a competitive advantage.
"PAS has a 23-year tradition of making industrial process facilities safer and more reliable," Eddie Habibi, founder and CEO at PAS, said in a statement. "Our deep expertise in control systems and production-centric approach to securing ICS give us a formidable competitive advantage."
Sean Michael Kerner is a senior editor at eSecurityPlanet and InternetNews.com. Follow him on Twitter @TechJournalist.