Israel-based cybersecurity startup Radiflow has raised $18 million in a financing round led by ST Engineering Ventures, the venture arm of Temasek-controlled ST Engineering, it said in an announcement today.
ST Engineering said the investment, the quantum of which was not disclosed, would enable its electronics business division to access Radiflow’s technologies.
The round was joined by Radiflow’s existing investors, including its chairman Zohar Zisapel. The fresh capital will be used to support growing market demand, strengthen its brand and to continue developing solutions to meet customers’ needs.
“The collaboration between ST Engineering and Radiflow will enable us to introduce our solutions to new customers and territories, while this new investment will facilitate us to expand our market traction and accelerate the next stage of our growth,” said Radiflow CEO Ilan Barda.
Radiflow claimed that it is experiencing strong demand for its industrial cybersecurity solutions across all critical infrastructure sectors and has more than doubled the sales of its threat detection tools and services in the past year.
According to the startup, the investment and partnership with ST Engineering will enable the group to access Radiflow’s detection and prevention tools, which has been integrated with the Rail Command, Control and Communications Systems, forming the first end-to-end cybersecurity solution for the rail transport industry in the region.
“The access to our established business networks and channels will help these companies to expand and accelerate the scope of their growth, developing solutions that will benefit our global customers,” said Chief Strategy Officer at ST Engineering, Low Ka Hoe.
Singapore-listed ST Engineering has more than 500 smart city projects across 70 global cities under its belt. Launched last July with an investment corpus of $150 million, ST Engineering Ventures invests in tech startups with a focus on robotics, autonomous technology, data analytics and cybersecurity.