May 10, 2016 - Bayshore Networks, a cybersecurity provider for the Industrial Internet of Things (IoT), announced that it has raised $6.6 million in Series A funding from Trident Capital Cybersecurity and its existing angel investors. Alberto Yépez, managing director of Trident Capital Cybersecurity, will join the company's board. Will Lin, vice president of Trident Capital Cybersecurity, will be a board observer.
While the Internet provides significant business advantages to industrial enterprises, it leaves their operations exposed and vulnerable to the hazards of the Internet. Bayshore was founded in 2012 to help protect industrial enterprises against Internet-based cyber attacks, which are becoming increasingly common.
Bayshore's cloud-based software, called the Bayshore IT/OT Gateway, provides IT departments with visibility into OT (Operational Technology) infrastructure, networks, applications, machines and workers. These OT networks are undergoing transformation and require services traditionally available for IT networks, such as secure remote access and analytics. Bayshore’s software is designed to prevent OT process disruptions, enhance operational efficiency and business continuity.
The software is distinguished by extremely granular inspection and filtering of network flows -- all the way down to machine sensor values -- and the ability to provide security enforcement and application segmentation and isolation. Bayshore's policy engine is capable of supporting common industrial protocols and quickly adapting to new and proprietary protocols.
These capabilities are built for Industrial Internet and provide Bayshore's F-100 customers with, cloud-based solutions that are complementary to legacy hardware-based industrial firewalls. Designed for IT perimeter security, firewalls look for IP addresses and ports, which means they block attacks according to standard Internet parameters.
If the Industrial Internet is adequately protected, General Electric estimates it has the potential to add up to $15 trillion in global Gross Domestic Product (GDP) over the next 20 years. IDC believes that revenues for IoT security products, which totaled $9.4 billion worldwide in 2015, will exceed $20 billion by 2020, a compound annual growth rate of 16.5 percent.
Bayshore will use some of its venture capital proceeds to complete the relocation of its headquarters from New York City to Bethesda, Maryland, to access the cybersecurity expertise in Washington, D.C. It will also invest the capital in R&D and in the expansion of its engineering and sales teams.
