Former Austrian Chancellor Backs Tel Aviv-Based Railway Cybersecurity Startup Cylus
CTech – Former Austrian chancellor Christian Kern has backed railway cybersecurity startup Cylus Cyber Security Ltd., the company announced Thursday. Cylus has raised a $12 million funding round led by Israeli venture capital firms Magma Venture Partners and Vertex Ventures, and participated by Kern. Mumbai-listed IT Company Cyient Ltd. also participated in the round.
Kern served as the CEO of Austrian Federal Railways OBB before becoming Chancellor of Austria from May 2016 to December 2017. He chaired the Social Democratic Party of Austria from June 2016 to September 2018.
Founded in 2017 and based in Tel Aviv, Cylus develops cybersecurity systems designed specifically for railways and metros, many of which use components and communication protocols that were not designed with cyber threats in mind. The company’s systems provide rail companies with instant detection services and blocks cyber attacks in their networks, including in their signaling systems and rolling stocks. Cylus has raised $17 million to date, according to the company.