Cyber risk management startup DeNexus Inc. announced today that it has raised $17.5 million in new funding to expand its product offerings.

Founded in 2019, DeNexus specializes in industrial cyber risk management with a platform that provides security services to operation technology environments. The company’s platform leverages artificial intelligence and machine learning to assess vulnerabilities, forecast incident probabilities and quantify financial risks, allowing organizations to make evidence-based decisions on risk mitigation.

DeNexus clients include those in industries such as energy, manufacturing and data centers who seek to secure their critical infrastructures. Through the integration of internet of things network data, DeNexus provides real-time insights that allow its customers to optimize cybersecurity investments.

The company’s flagship platform, DeRISK, offers simulation-driven risk assessments that help organizations predict potential cyber incidents. The insights from the platform help shape cybersecurity programs that align with regulatory standards and operational needs while also ensuring that cyber risks are not only identified but effectively managed to protect industrial systems, according to the company.

The DeNexus DeRISK platform also translates technical cyberthreats into understandable financial metrics to allow companies to balance the cost of risk mitigation with potential losses. Described as offering a holistic approach, the platform ensures that organizations can navigate the complexities of cybersecurity and regulatory compliance with confidence, safeguarding their operational technology systems, according to DeNexus.

The platform is currently deployed at more than 200 sites across the U.S., U.K. and Europe. Notable DeNexus customers include Environmental Data Resources LLC, GridSecurity Inc., Clearway Energy Group LLC and Apex Clean Energy Holdings LLC.

Punja Global Ventures led the Series A round, with AXA XL Insurance Company UK Ltd., Prosegur Compañía de Seguridad S.A. and HCS Capital Partners also participating. As part of this deal, Rimmo Jolly, co-founder at Punja Global Ventures, is joining the DeNexus board and Libby Benet, global chief underwriter officer at AXA XL, will join as the board as an observer.

“As cyberthreats to critical infrastructures continue to evolve, it’s crucial that we support innovative solutions that can protect these vital systems, including proper affirmative insurance protection,” Benet said. “DeNexus’ approach to cyber risk management is both timely and essential to build resilience in industrial companies and physical critical infrastructures.”

Image: DeNexus