Today the Center for Innovative Technology (CIT) announced plans to invest in Fend Cybersecurity Solutions, based in Arlington, Va. The CIT GAP Fund program is designed to benefit Virginia-based technology, clean tech and life science companies that have the potential to positively impact the Virginia economy.
Fend Cybersecurity Solutions develops solutions for critical infrastructure through a combination of hardware and cloud-based equipment monitoring and analytics. The company provides security for industrial applications and embedded systems, including utilities, governments and real estate. Fend will use the CIT funds to grow its sales and delivery teams.
“Our number one goal is to protect critical infrastructure from cyber-attacks. That’s a big task, considering all the segments that comprise the category such as water systems, information technology, transportation systems, government facilities and more. Our unique ability to securely monitor IoT-enabled edge devices sets us apart,” said Colin Dunn, CEO of Fend, in a press release.
Fend’s platform, works to secure critical infrastructure and industrial systems through one-way data transfer. The company’s solution provides critical infrastructure operations teams with real-time equipment performance data while protecting network connections from being breached by hackers.
The cybersecurity solution utilizes data diode technology to secure all of a network’s data outflow, making it impossible for an insecure network to pass along malware, access a system, or accidently make harmful changes. This allows users to improve operational efficiency and bring legacy equipment into the industrial internet of things (IIoT) without the need for continued maintenance of traditional, permeable defenses such as firewalls or cybersecurity software.
“In a time where criminals have access to rentable botnets, unlimited cloud computing and artificial intelligence, it’s risky for an organization to only rely on firewalls and software-based security for protection. A hack against electric infrastructure, moving vehicles, or customers of heating and cooling equipment is a huge risk,” said Thomas Weithman, Managing Director of CIT GAP Funds, and President and Chief Investment Officer of MACH37, in a press release. “Fend’s straightforward solution built around their one-way security hardware-software approach keeps attackers out while providing the intelligence organizations need to optimize their business. Fend is off to a very strong start.”