HOUSTON -- SecurityGate.io, a cybersecurity software company that helps organizations become leaders and experts at managing cyber risk in OT/ICS environments, announced today that is has raised a Series A funding round. The financing was led by Houston Ventures.
SecurityGate.io provides an industry-first, Integrated Risk Management platform specifically for operational technology (OT)/industrial control system (ICS) cybersecurity. The Software as a Service (SaaS) platform gives company leaders, governance risk and compliance departments, and IT teams unmatched visibility into OT/ICS environments.
Having visibility for risk management in critical infrastructure environments has become a significant challenge for companies from Critical Industry Sectors such as maritime, oil and gas, chemical, manufacturing, and defense. Although the ICS security market is growing at a CAGR of 20% with a wide range of cybersecurity offerings, SecurityGate.io has found a highly underserved segment of that market in dire need of transformational help. Most ICS security offerings are focused on detecting and dealing with in-progress threats. Virtually no technical advancements have been made to transform the highly manual, spreadsheet-based assessment and remediation processes CISOs use to establish, evaluate, and advance their cyber programs.
SecurityGate.io’s platform uses intelligent systems to help CISOs easily understand business risk and build a strategy to mitigate the risk of cyber threats. Risk management teams use the platform to automate processes and speed up the time it typically takes to implement the prescribed tactics. SecurityGate.io has validated the problems facing these underserved teams and their solution to it. They recently signed on Chevron (NYSE: CVX), who joined ranks with other SecurityGate.io customers like Patterson UTI (NASDAQ: PTEN) and Westlake Chemical (NYSE: WLK).
“The problems our platform solves have come directly from our experience building and running cybersecurity risk management programs in the OT/ICS space,” said Cherise Esparza, CTO. “We were the ones running assessments, auditing reports, and providing guidance to leadership teams for some of the largest companies in the world. We were constantly saying, ‘There has to be an easier way to do this.’. That led to the start of SecurityGate.io.”
Houston Ventures led the capital raise. About the relationship with SecurityGate.io, Chip Davis, Managing Partner at Houston Ventures, said, "It was very attractive to us how tightly tuned SecurityGate.io is to the needs of their customers. Successful enterprise software companies generally know they are instruments of change for their customers. The code is but one element of a project where customer results are similar to the expectations going in. Our discussions with the company's customers revealed a state of maturity of SecurityGate.io beyond what we typically see in younger companies. Based on customer feedback, we could not pass on this deal.”
“Digital transformation is no easy task in highly dynamic environments, especially when the risk of cyberattacks keeps rising daily. We’re excited to partner with Houston Ventures who sees this market growing, and our clients that see our vision of the future,” says Ted Gutierrez, CEO.