Tokyo, Japan - June 18, 2018
Yokogawa Electric Corporation announces that it has participated in a bridge financing round for Bayshore Networks, Inc., a startup that is a leading developer of IIoT cybersecurity software.
Founded in 2012 and headquartered in the Washington D.C. metropolitan area, Bayshore Networks offers cybersecurity system solutions for industrial applications. The firm has a number of strategic partners in the IT sector and has gained recognition for its expertise in IIoT cybersecurity. Led by BGV III, L.P., this latest round of financing has succeeded in raising $6 million from multiple investors, including Yokogawa. The investment of $750,000 in this round brings Yokogawa’s total investment in Bayshore Networks to $1.65 million.
Yokogawa's control business offers solutions ranging from field sensors to control systems, manufacturing execution systems (MES), and management information systems that help its customers improve their operational efficiency and safety and make more effective use of their business assets.
Much progress is being achieved in the implementation of Industrial IoT (IIoT) applications in the manufacturing industry. While Bayshore's layer 7'* (OSI application layer) communication control technology is well suited for IIoT security applications, it also presents good potential for uses such as operation monitoring and cloud/network edge computing.
Since first investing in Bayshore Networks in 2016, Yokogawa has continued to work with this company to make its IIoT architecture safer and more secure, and this capital increase will further strengthen that relationship. Based on these efforts, Yokogawa aims to expand the lineup of operational technology safety solutions that it will offer to its industrial customers to help optimize their plant operations.
* The top layer of the Open Systems Interconnection (OSI) reference model defined by the International Organization for Standardization (ISO) to facilitate data communications between different communication systems
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