Sausalito, CA: DeNexus Inc, the only evidence-based data and self-adaptive cyber risk quantification model for industrial environments, today announced it has secured a seed financial of $4.25 million. Backed by key investors within Technology, Industrial Cybersecurity and InsurTech, this initial funding round underscores the market-demand for a more accurate approach of measuring the business impact of cyber risk exposure for ICS/OT organizations and underwriters of industrial cyber risk. As cyber-attacks on critical infrastructure rise in parallel with the proliferation of cybersecurity solutions in recent months, both international insurance agencies and industrial asset owners across various industry verticals require a more holistic and business-conscious approach to quantifying and managing their cyber risk posture.
This new funding for DeNexus Inc. will be used to accelerate development, partner integrations and global expansion in into 2022. This initial round of funding was co-led among HCS Capital, Herbert Madan of WGG Partners, Vestech Partners and other private investors and business leaders from the energy, technology, and industrial controls sectors.
We were very impressed by DeNexus ability to quantify cyber risk exposures at the level of a single company. This is a tremendous step towards defending and insuring industrial assets against cyber-attacks. The market need is remarkable, and the potential of this approach is revolutionary.
– says Alex Horvitz, CEO at HCS Capital.
DeNexus is the first company I have seen that is providing cyber risk assessment to identify and quantify real financial exposures to an enterprise for various attack scenarios. Further, their approach to map this risk against specific insurance coverage factors is truly novel. It will enable an insurance provider to use this risk assessment to write customized policies that will be best suited for each specific type of exposure.
– says Herb Madan, Managing Director at WGG Partners.
The HCS team is composed of executives with experience in M&A, finance, strategy, PE investments, and operational improvement. Additionally, HCS leverages a network of specialists (legal, technology and industry experts) to develop a deep understanding of business opportunities and delivery models. The firm invests in areas where the combination of technology-driven-transformations (digital client interaction, data analytics powered by machine learning to predict commercial, and risk related outcomes); regulatory-discontinuities; and existing business model weaknesses create unique disruption opportunities. HCS invests in 3 distinct verticals of Banking, Insurance and Healthcare.
Mr. Madan is an experienced venture investor in privately-held technology companies. He has over 24 years of technology and business leadership experience both as a serial entrepreneur and an operating executive. Herb’s present and past investments include: Huddle (acquired by TurnRiver), Redseal Systems (acquired by Symphony Technologies), 41st Parameter (acquired by Experian), TrustArc, Simility (acquired by PayPal), Dome9 (acquired by Checkpoint), Ionic Security, HolistiCyber, Area 1 Security, DATAllegro (acquired by Microsoft), Postpath (acquired by Cisco), Ocarina Networks (acquired by Dell), Clairmail (acquired by Monetise PLC), Palo Alto Networks (NASDAQ: PAN), Aster Data (acquired by Teradata), Cortina Systems, Dataguise, Tigertext, Moovweb, and Pertino Networks
DeNexus is the leading provider of cyber risk modeling for industrial enterprises.
Our mission is to build the global standard for industrial cyber risk quantification. Our flagship platform, DeRISK, is the world’s first self-adaptive software platform that using evidence-based data predicts where and how breaches are likely to occur in unique client contexts, translating that information into dollars at risk. Fortune 500 companies, from power generation to manufacturing to other critical infrastructure, rely on DeNexus to understand their bespoke cybersecurity economics and optimize their risk-reduction ROI.
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