The PGNiG Group has invested in ICsec SA
The PGNiG Group has invested in a producer of cybersecurity systems.
PGNiG Ventures, a corporate venture capital fund within the PGNiG Group, acquired shares in ICsec, a Polish manufacturer of cybersecurity systems for industry. The value of the investment is PLN 4 million.
The system created by ICsec allows to detect anomalies and cyber threats in industrial automation networks and prevent their negative effects. It uses big data, machine learning and artificial intelligence mechanisms. Monitoring and detection of cyber threats takes place in real time.
– I am convinced that ICsec products will gain market interest and will contribute to an increase in cybersecurity in PGNiG industrial installations. As a Capital Group, we have strategic infrastructure facilities that are subject to special protection. ICsec has its own software and hardware in the form of a probe. It is the only solution of this type intended for our industry and the only one manufactured in Poland, which is a very significant advantage over the competition from abroad. An undoubted advantage is also the availability of on-site technical service – says Arkadiusz Sekściński, Vice President of the PGNiG Management Board for Development.
– We decided to invest in ICsec due to the innovative solution and numerous advantages, such as e.g. an experienced team, a business model verified by existing investors and a dynamically developing area of cybersecurity in which the company operates, and thus a high growth potential. An important factor was also a clear vision of development and exit on terms that were satisfactory for shareholders – says Małgorzata Piasecka, President of PGNiG Ventures.
ICsec intends to spend the acquired funds primarily on the commercialization of its solutions, further research and development, sales and marketing activities, but also on own contribution to projects co-financed from EU or national funds, which the company successfully uses.
– From the point of view of the security of the national strategic infrastructure, it is important that a Polish manufacturer is the supplier of cybersecurity solutions, including monitoring of the industrial network. We are glad that PGNiG Ventures joins the group of our investors as another company after the Tauron Polska Energia corporate fund. The prestige and market position of these national champions opens up new markets for us. It is also in line with the strategy of cooperation with entities adopted by ICsec, where it is possible to quickly implement ICsec solutions. I believe that the effects of our cooperation will be visible soon and that the PGNiG Group, and thus the key Polish infrastructure, will be much safer – says Robert Juszczyk, President of ICsec.
Cyberattacks are common and pose a real threat to companies. This is also confirmed by the data from the report “Cybersecurity Barometer. Towards cloud solutions “, developed by KPMG, according to which in 2019 54 percent. enterprises in Poland have experienced at least one cyber incident. The greatest threat to companies is still widely understood cybercrime, which was indicated by 90% of companies. [1] The use of ICsec solutions allows to reduce the number of dangerous situations in industrial enterprises.
About PGNiG Ventures s a corporate venture capital fund owned by Polskie Górnictwo Naftowe i Gazownictwo. He is interested in companies with unique products or services, knowledge, business model and a strong management team that try to be leaders in their markets. The PGNiG fund’s area of interest includes companies with unique products and services that can be used in the energy and exploration and production industries. Within a few years, the value of PGNiG Ventures’ capital is to reach PLN 100 million. The fund will hold minority interests in the companies, which will allow the existing owners to decide on the key directions of development. The maximum commitment in one entity, in two financing rounds, is PLN 15 million, and the expected investment period is 3-7 years.
ICsec is the market leader in industrial infrastructure security. Since 2018, the ICsec team has been successfully creating the first cybersecurity ecosystem in Poland, combining industry and Polish science. It provides solutions that allow you to reduce the associated business risk with cyber attacks on industrial networks. The flagship product is SCADVANCE XP – the most modern system for monitoring industrial networks, which detects potential threats and anomalies in traffic between devices using machine learning and artificial intelligence. A high-class technological solution is part of the fulfillment of the obligation of the Act on the national cybersecurity system. The vendor was awarded by the Supreme Technical Organization with the Golden Innovation Laurel 2020 for the Scadvance XP solution.
Media Contact:
Maciej Litewski, ICsec
tel. 600 130 109
maciej.litewski@icsec.pl
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