In a recent release, PAS, a provider of industrial control system (ICS) cybersecurity, process safety, and asset reliability solutions for the energy, power, and process industries, has announced a new $40 million growth investment by Tinicum and certain affiliated funds managed by Tinicum Incorporated. Tinicum is a private investment partnership focused on late stage investments in manufacturing, energy, technology, media, and infrastructure.
This funding round is designated to expand PAS sales and marketing across its global offices as well as increase research and development for Cyber Integrity, its flagship cybersecurity software product. Cyber Integrity is designed to protect critical infrastructure from risks associated with rising industrial internet of things (IoT) adoption, malicious cyber attacks, and insider threats.
“Critical infrastructure is vulnerable to outsider cyber attacks and to malicious or unintended insider actions,” said Trip Zedlitz, partner, Tinicum. “The cyber assets that matter most—the ones primarily responsible for safety and production in power generation plants, chemical facilities, and refineries—are some of the most insecure systems in the industry today. We invested in PAS because they secure this class of endpoints in a way that no other ICS cybersecurity software solution in the market can do, and they help companies comply with a growing regulatory and standards landscape that includes NERC CIP, NIST, and IEC 62443. With a strong management team and the rising global demand for critical infrastructure cybersecurity, we are excited about our investment in PAS.”
Industrial control systems have a responsibility for running critical infrastructure safely and reliably. These systems have traditionally relied on complexity, air gapping, and perimeter-based defenses to remain secure, but PAS Cyber Integrity purports to be more secure than these legacy strategies by deciphering complex, proprietary configurations of control systems and giving companies visibility into critical cyber assets, while identifying unauthorized changes, exposing vulnerabilities, improving compliance, and helping facilities recover in the event of a breach or other incident.
“PAS has a 23-year tradition of making industrial process facilities safer and more reliable,” said Eddie Habibi, founder and CEO, PAS. “Our deep expertise in control systems and production-centric approach to securing ICS give us a formidable competitive advantage. The investment from Tinicum enables us to expand our security solutions portfolio, strategically increase our global reach, and continue protecting our customers from an ever-evolving threat landscape.