Silverpeak, the technology investment bank, has been instrumental in securing €10M in Series A Financing for the cutting-edge Industrial Internet cybersecurity firm, Sentryo. The funding, which completed in November this year, reflects the growing significance of Sentryo’s distributed technology architecture against the backdrop of increased industrial cybersecurity attacks.
Advice on the valuation of the company and the size of the round was provided by Silverpeak to the Sentryo Board. Silverpeak’s team of finance experts also delivered strategic guidance prior to approaching the market for investors in Europe and the United States. In order for Sentryo to move forward with its expansion activities in the US from Q2 2018, Silverpeak recommended a two-phase approach for the funding. The first phase with Sopra Steria and BNP Paribas Développement completed in April, and the second tranche with Omnes and Alliance Entreprendre which has just been finalised.
Thierry Rouquet, CEO at Sentryo, said: “It was a pleasure to work with the Silverpeak team across their London and Paris offices. Silverpeak worked tirelessly to close the round and came up with an innovative two step closing which allowed Sentryo to meet its goal by bringing together both financial and strategic investors. We look forward to driving the business forward, including its expansion in the US which the financing in place now allows.”
Sentryo specialises in solutions that protect operational technology from the threat of cyber-attack. The company’s ICS CyberVision platform gives control engineers comprehensive visibility on their systems, detects anomalies and accelerates response to cybersecurity incidents to minimise the impact. The funding will be used to accelerate not only expansion in the US, but across Europe too.
Jean-Michel Deligny, a Senior Advisor at Silverpeak, said: “Industrial cybersecurity is a strategic topic but still an emerging market. Sentryo shows technical excellence as well as a focused indirect selling strategy and is expanding to the US, based on key partnerships with the likes of Cisco and Siemens. This makes Sentryo one the most capital innovative and efficient companies in the business and this is why Silverpeak took on the assignment. As always, Silverpeak showed the sort of tenacity which is needed for a successful financing.”
Alex de Gandt, Director at Silverpeak said: “We explored various financing options, and contacted investors globally, both strategic and financial. In the end, the round brings the best of French investors, to support an ambitious plan to expand in Sentryo’s core European markets, as well as grow in the US. We look forward to continue working with Sentryo as the company accelerates internationally.”