Qualcomm Ventures led an $18 million round in CyberX, a Boston-based industrial cybersecurity company on March 25. CyberX’s platform is used by two of the top five U.S. energy providers, a large pharmaceutical company, and utilities across Europe and Asia.
“We believe CyberX has the right management team, deep domain expertise, and scalable technology to address the needs of the world’s largest and most complex enterprises,” Boaz Peer, an investment director with Qualcomm Ventures, said in a news release. “We’re delighted to join as an investor given Qualcomm’s strong interest in Industrial IoT and our ability to provide connectivity, compute and security solutions for this market.”
The investment in CyberX is one of many Qualcomm’s corporate venture arm has made in “industrial IoT,” or the use of connected devices in factories, mines, energy companies, and other industrial sectors.
In February, Qualcomm Ventures and Sierra Ventures led a $10 million investment in CoreTigo, a company in Israel developing a wireless network system for IoT. And in January, Qualcomm Ventures participated in a $30 million funding round for Wiliot, a company with offices in San Diego and Tel Aviv making tiny, inexpensive sensors for industrial uses.