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Venture Capital
vertexgrowth.com

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Investments

14

Funds

2

About Vertex Growth

Vertex Growth is dedicated to partnering with exceptional entrepreneurs and promising companies on the cusp of growth. The firm provides the expansion capital to realize the companies' vision of creating a category champion that is enduring and transformational.

Vertex Growth Headquarter Location

250 North Bridge Road #11-01 Raffles City Tower

179101,

Singapore

+65 6828 8088

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Latest Vertex Growth News

Railway Cybersecurity Firm Cylus Raises $30 Million

Dec 15, 2021

By Kevin Townsend on December 15, 2021 Tel Aviv, Israel-based railway cybersecurity firm Cylus has raised $30 million in a Series B funding round led by U.S. firm Ibex Investors and joined by Vertex Growth Fund, Strides International Business, Magma Venture Partners, Vertex Ventures Israel, Zohar Zisapel, and Glenrock Israel. This brings the total raised so far to $57 million (seed plus Series A). Cylus follows the now standard template for Israeli firms – founded by former Israeli Defense Force (IDF) cyber specialists before expanding into the U.S. market. Current CEO Amir Levintal was Director of the Cyber R&D Division of the IDF’s Elite Technological Unit from 2014 to 2017, while CTO Miki Shifman was cyber researcher and R&D leader in the same division. To assist the U.S. expansion, William Heinrich, former CISO of Amtrak and BNSF Railway, and Mark Grant, former CISO of CSX Transportation, will join the company’s advisory board. The rapid digitization of the railway industry over the last few years has, like all digitization processes, produced a rapid and not always adequately protected expansion of the threat surface available to bad actors. Railways are part of the critical national infrastructure (CNI). It is expected that the CNI will come under increasing cyberattack over the next few years, both by nation-affiliated groups keen on disrupting an orderly society, and criminal groups who believe CNI organizations are more likely to pay extortion demands more quickly than standard commercial organizations (consider, for example, the DarkSide ransomware attack on Colonial Pipeline). Railways are particularly susceptible to such threats. A successful compromise of railway OT could result in the takeover of a train in motion. Increasing the speed of the train could ultimately lead to a derailment, threatening the lives of anyone on board the train or in the locality of the derailment. The growth in autonomous trains over the next few years increases the potential risk. While an autonomous car can be stopped within a relatively short distance, the braking distance for an autonomous train is more like a kilometer. But railway OT suffers from the same reluctance to change as many other OTs – why interfere with something that is working, when change could cause disruption? The need for continuity of operation often trumps the advice to install new security controls. In 2018, NIST published its own recommendations in NISTIR 8219 . It is an examination and demonstration that the use of off-the-shelf behavioral anomaly detection (BAD) systems can improve visibility, identify new devices, detect assets that have disappeared, and detect anomalies that might indicate a malicious presence in a non-intrusive manner; that is, without any interruption or performance impact to the ICS network. According to NIST, machine learning- or AI-enhanced anomaly detection can be introduced to OT networks to help detect malicious intrusions without disrupting the current running of the OT network. This is the approach taken by Cylus. Its solution will detect potential malicious activity, and pass the information with mitigation recommendations to human operators to decide what action may be necessary. Cylus was founded in 2017 by Amir Levintal (CEO), Miki Shifman (CTO), and Nico Gramenz (strategic advisor). The company came out of stealth in January 2018 with $4.7 million in seed funding, and raised $12 million in a Series A funding round in June 2019 – rapidly followed by an additional Series A $10 million.

Vertex Growth Investments

14 Investments

Vertex Growth has made 14 investments. Their latest investment was in Cylus as part of their Series B on December 12, 2021.

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Vertex Growth Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

12/15/2021

Series B

Cylus

$30M

Yes

2

11/23/2021

Series E

VerbIT

$250M

No

10

10/5/2021

Series G

Licious

$52M

No

5

9/15/2021

Series C

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$99M

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10

9/2/2021

Series B

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$99M

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10

Date

12/15/2021

11/23/2021

10/5/2021

9/15/2021

9/2/2021

Round

Series B

Series E

Series G

Series C

Series B

Company

Cylus

VerbIT

Licious

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Amount

$30M

$250M

$52M

$99M

$99M

New?

Yes

No

No

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Co-Investors

Sources

2

10

5

10

10

Vertex Growth Fund History

2 Fund Histories

Vertex Growth has 2 funds, including Vertex Growth II.

Closing Date

Fund

Fund Type

Status

Amount

Sources

6/21/2021

Vertex Growth II

$15M

1

9/13/2019

Vertex Growth

$99M

10

Closing Date

6/21/2021

9/13/2019

Fund

Vertex Growth II

Vertex Growth

Fund Type

Status

Amount

$15M

$99M

Sources

1

10

Vertex Growth Team

2 Team Members

Vertex Growth has 2 team members, including current Managing Director, James Lee.

Name

Work History

Title

Status

James Lee

Managing Director

Current

Hock Chuan Tam

Managing Director

Former

Name

James Lee

Hock Chuan Tam

Work History

Title

Managing Director

Managing Director

Status

Current

Former

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