BETHESDA, MD--(Marketwired - November 04, 2016) - Bayshore Networks, the cybersecurity leader for the Industrial Internet of Things (IIoT), today announced that Yokogawa Electric Corporation, the $3.7 billion global leader in industrial automation, has participated in the company's Series A funding. This new strategic investment will help Bayshore Networks continue development of its IIoT security technology and expand its go-to-market coverage. The partnership is expected to help speed Yokogawa's development of IIoT architecture needed to expand its own solutions lineup.
"Yokogawa shares our vision for a secure industrial internet of things enabling new applications that will increase safety, optimize processes, and drive efficiencies," said Mike Dager, CEO of Bayshore. "We are proud and excited to partner with such a renowned global leader in industrial controls."
Recent high-profile breaches have raised industrial internet cybersecurity to the level of primary concern for private enterprises and governments worldwide. Per Gartner, Inc., "By 2020, spending on Operational Technology (OT) security will double due to increasing attacks on critical industrial infrastructure and subsequent regulatory responses." *
"Security is essential to the IIoT architecture. With Bayshore, the Yokogawa IIoT architecture can prevent not only malicious attacks, but also operational mistakes because Bayshore technology can recognize the meaning of correspondence," stated Tsuyoshi Abe, a Yokogawa vice president and head of the company's Marketing Headquarters at Yokogawa in Tokyo. "Based on its corporate brand slogan of 'Co-innovating tomorrow,' Yokogawa will leverage Bayshore technology to develop new solutions and create new value in collaboration with its customers and partners."
"We led the Series A Investment because Bayshore has been recognized as an innovator and early leader in an emerging cybersecurity segment that is largely untapped to date," said J. Alberto Yépez, managing director of Trident Capital Cybersecurity. "We are honored to have Yokogawa join us in supporting the development of Bayshore's cutting-edge technology and business."
Yokogawa's global network of 92 companies spans 59 countries. Founded in 1915, the US$3.7 billion company engages in cutting-edge research and innovation. Yokogawa is active in the industrial automation and control (IA), test and measurement, and aviation and other businesses segments. The IA segment plays a vital role in a wide range of industries including oil, chemicals, natural gas, power, iron and steel, pulp and paper, pharmaceuticals, and food. For more information about Yokogawa, please visit www.yokogawa.com/us/
About Bayshore Networks, Inc.
Bayshore Networks® is the cybersecurity leader for the Industrial Internet of Things. The Company's award-winning IT/OT Gateway™ unlocks the power of the Industrial Internet by providing enterprises with unprecedented control and visibility into their Operational Technology infrastructure while safely and securely protecting industrial applications, networks, machines, and workers. For more information, visit www.BayshoreNetworks.com
*Gartner, Market Guide for Operational Technology Security, Earl Perkins, Saniye Burcu Alaybeyi, 23 May 2016
Bayshore Networks® is a registered trademark. The Bayshore Networks logo, Industrial-Strength Cybersecurity™, and Bayshore IT/OT Gateway™ are trademarks of Bayshore Networks, Inc. VMware and VMworld are registered trademarks or trademarks of VMware, Inc. in the United States and other jurisdictions. All other trademarks in this document are the properties of their respective owners.