DeNexus, a provider of cyber risk modelling solutions, has raised $17.5 million in a Series A funding round led by Punja Global Ventures with participation from AXA XL, Prosegur/SegTech and HCS Capital.
From what Reinsurance News understands, DeNexus will use the funding to boost its growth and expand its product offerings and markets.
As part of this investment, Rimmo Jolly, co-founder at Punja Global Ventures, will be joining DeNexus’ Board of Directors, while Libby Benet, Global Chief Underwriter Officer at AXA XL, will also reportedly join as a Board Observer.
This new funding positions DeNexus to effectively address the growing need for extensive cyber risk management within industrial environments, ultimately helping businesses navigate the landscape of cybersecurity threats and regulations.
Jose Seara, CEO of DeNexus, commented: “This investment is a strong vote of confidence in DeNexus’ vision and our ability to address the critical cybersecurity challenges faced by industrial enterprises and physical critical infrastructures. We’re poised to expand our go-to-market team, enhance our product offerings, and continue delivering on our commitment to provide a full-stack, end-to-end cyber risk management solution to our customers.”
Moreover, DeNexus’ solutions are currently deployed at over 200 different sites across the US, UK, and Europe.
Additionally, the firm has also successfully implemented its technology with data center hyperscaler, as well as a global manufacturer, and has secured contracts to serve one of the world’s largest airport owners and operators.
Rimmo Jolly of Punja Global Ventures, said: “DeNexus is at the forefront of a crucial shift towards risk-based cybersecurity management. Their approach aligns perfectly with new cybersecurity regulations in the U.S., EMEA and APAC, which demand that corporations report on how they manage and govern cyber risk. We’re excited to support DeNexus as they continue to innovate in this critical space.”
Libby Benet of AXA XL, added: “As cyber threats 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. DeNexus’ approach to cyber risk management is both timely and essential to build resilience in industrial companies and physical critical infrastructures, and we’re proud to be part of their journey.”
Barbara Albizuri, Director at Prosegur Tech Ventures, noted: “In industrial environments, the boundaries between physical and cybersecurity get rapidly blurred. Prosegur’s partnership with DeNexus reinforces our joint commitment to safeguarding critical infrastructure by combining cutting-edge cyber risk management technology with physical security expertise.”
Lastly, DeNexus’ Board of Directors includes renowned industry veterans: Jose Seara, Alex Horvitz, Herb Madan, Rosa Kariger and Rimmo Jolly, who each bring a deep degree of expertise to guide the company’s strategic direction.
Alex Horvitz, CEO of HCS Capital and Board Member of DeNexus, said: “The insights generated by DeNexus’ technology open tremendous opportunities to improve the security in OT environments and to transfer risks from industrial operators to risk carriers in the insurance and reinsurance market.”
