Mission Secure Closes Series B Funding Round

By Enterprise Security Magazine | Tuesday, February 16, 2021

Mission Secure will use the new funds to advance disruptive innovations in its proprietary cybersecurity infrastructure.

FREMONT, CA: The expansion of emerging technology, followed by an upswing in ICS-specific threats to these critical infrastructure environments, drives the market for cybersecurity in defense, critical infrastructure, and process industries through Operational Technologies (OT) and Industrial Control Systems (ICS). Mission Secure, a leading ICS cybersecurity technology organization, announced closing the Series B funding round of current and new investors in North America and Europe representing key international industrial sectors.

"The cybersecurity concerns associated with OT have never been higher which is driving extraordinary levels of customer interest and demand," said David Drescher, Chief Executive Officer, and Co-Founder, Mission Secure. "Our Series B funding is an investment by industry leaders helping us bring even greater OT technology innovations to market with our Mission Secure Platform and recruit the best and brightest OT cybersecurity experts for our Managed Services team to support our mission of protecting our global customers' OT networks and safeguarding their operations."

Mission Secure will use the new funds to advance disruptive innovations in its proprietary cybersecurity infrastructure. The company will hire additional ICS cybersecurity specialists to help 24/7 regulated services broaden its global client base in oil and gas, chemicals, and transportation, engineering, smart cities, and defense organizations.

The funding round for Mission Secure Series B is co-led by:

• IREON Ventures, a private venture innovation arm of Motor Oil Hellas, a major oil firm in Southern Europe and the Mediterranean;

• Energy Innovation Capital, the leading supplier of capital to entrepreneurs facing the most challenging energy-related problems in the world;

• Blue Bear Capital Partners is a participant in high-growth technology businesses in the oil, infrastructure, and environment markets in North America and Europe.

Investment in Series B takes the company's overall investment to 22.5 million dollars. Other Series B investors include Chevron Technology Ventures, the corporate venture capital arm of Chevron Corporation investing in early and growth-stage firms, and the University of Virginia LVG Seed Fund.

"With our roots in downstream refining and marketing, we understand the need to protect critical assets from cyber threats and to maintain operational resilience," said Hector Kimonides, Principal, IREON Ventures. "Our investment in Mission Secure is ultimately an investment in the future of our own businesses."

"As the digitization of the energy industry continues and increasing numbers of devices get connected, Mission Secure provides a level of industrial cybersecurity protection critical energy infrastructure owners are asking for," said George Coyle, Managing Partner, Energy Innovation Capital (EIC). "We initially invested in Mission Secure in 2018 because they enable safer, more cost-effective operations by protecting industrial control system and operational assets. We are pleased to reinvest and co-lead this round of growth financing."

The primary goal of securing the OT and ICS ecosystems is to avoid cybersecurity threats by ensuring that they never happen. But it also includes accepting the fact that cyber-attacks on ICS can often succeed and have the skills and resources in place to identify and isolate intrusions and remediate and recover operations quickly. This is the mission that unites the Mission Secure Team.

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