Phoenix Contact Announces Investment in SIGA

In a consortium with leading international investors, Phoenix Contact Innovation Ventures is supporting the Series B financing round of the Israeli tech start-up. The new funds will be invested in scaling the company and expanding the technology and product portfolio.

Phoenix Contact Innovation Ventures has completed an investment in SIGA (www.sigasec.com), an Israel-based high-tech startup that develops and provides Operational Technology (OT) monitoring and anomaly detection for Industrial Control Systems (ICS) and SCADA (Supervisory Control and Data Acquisition) in industrial and critical infrastructure applications.

“With the increasing convergence between IT and OT, industrial and critical infrastructure operators are facing new cyber security threats. The consequences and potential damage of process failures are unpredictable, especially in critical infrastructures such as water treatment or utilities. SIGA’s technology improves the reliability, safety and cyber security of industrial assets by analyzing the purest form of data and providing insights that other higher level solutions cannot achieve,” acknowledges Marcus Böker, Managing Director of Phoenix Contact Innovation Ventures.

Since its foundation in 2015, SIGA has continuously developed its core technology into the SigaPlatform. This combines proprietary software with data acquisition hardware to capture and analyze process information before it reaches the PLC. By directly monitoring raw electrical signals at level 0 (instead of data packets), SIGA technology provides a more accurate and comprehensive picture of physical processes. Using proprietary machine learning algorithms and analytics, SIGA helps its customers to detect process anomalies in real time, regardless of whether they are due to technical malfunctions or a cyberattack.

Amir Samoiloff, co-founder and CEO of SIGA, says: “Level 0 monitoring is becoming increasingly important for ensuring the resilience and integrity of processes, especially in critical infrastructures around the world. SIGA’s technology is perfectly suited to this task and offers the industry unprecedented added value. We are very pleased to have Phoenix Contact Innovation Ventures on board as we expect to benefit greatly from the market and industry expertise of such a leading industrial automation provider as Phoenix Contact.”

This significant Series B investment was made by a consortium led by PureTerra Ventures and joined by Phoenix Contact Innovation Ventures, Israeli venture fund SIBF, Moore Capital and existing investors.