Bayshore Networks, a cybersecurity provider for the Industrial Internet of Things (IIoT), has announced that Samsung (News - Alert) NEXT Ventures has completed a strategic equity investment in the company’s Series A financing. Samsung’s investment will help Bayshore Networks continue development of its IoT enablement and security platform.
“Samsung NEXT shares our vision for an internet of things ecosystem strengthened by safety, cybersecurity and other enabling technologies,” said Mike Dager, CEO, Bayshore Networks. “Samsung’s leadership in IoT and their commitment to developing and supporting solutions that power the IoT world makes us very proud to receive their support.”
“Bayshore’s management team impressed us with their strong IT and OT experience, and we were encouraged by the company’s traction in securing industrial networks from inside,” said Raymond Liao, Managing Director at Samsung NEXT Ventures. “Their technologies also fit broader IoT applications which could be of interest to Samsung.”
“Bayshore is a recognized innovator in the emerging Industrial IoT cybersecurity market. We led Bayshore’s Series A in support of the early leader in a critical market that we believe is largely untapped to date,” said Alberto Yépez, managing director of Trident (News - Alert) Capital Cybersecurity. “We are happy to have Samsung join us in supporting the development of Bayshore’s technology and the company’s growth.”
Strategic investments like these are critical to the funding of developing companies. Bayshore was a recent exhibitor at the IoT Evolution Expo, which is a great way for companies of similar size to get the attention of companies like Samsung Next, that are looking for the next great investment opportunity.
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The IoT Evolution Expo is the IoT industry’s biggest dedicated conference and expo, designed to educate, introduce and encourage business opportunities only available in a purpose-built environment.