Neva Sgr Fuels Phosphorus Cybersecurity’s Growth with Major New Funding Round
Phosphorus Cybersecurity, a prominent player in the realm of cybersecurity and device management for the extended Internet of Things (xIoT), has recently secured significant investment from Neva Sgr, the venture capital branch of Italy’s Intesa Sanpaolo Group. This funding, facilitated through the Neva II Fund, aims to enhance the company’s capabilities in managing a multitude of connected devices.
Investment Details and Impact on Phosphorus Cybersecurity
The exact amount of the investment has not been disclosed, but it is expected to bolster Phosphorus Cybersecurity’s efforts in automating crucial security tasks. These tasks include:
- Password updates
- Configuration fixes
- Firmware patches
Such automation is vital in minimizing the risks associated with cyberattacks on xIoT devices. Phosphorus is working towards a future where these devices can be managed autonomously, reducing the need for human intervention.
Expansion Plans into Italy
With the new capital, Phosphorus Cybersecurity plans to expand its market presence in Italy by leveraging the extensive network of the Intesa Sanpaolo Group. This strategic move aims to enhance the accessibility of their cybersecurity solutions across various sectors.
Technological Advancements and Growth
Last year alone, Phosphorus Cybersecurity doubled the number of devices it manages, thanks to enhancements in its patented Genus-Species technology. This technology allows secure interaction with over 1 million device models, demonstrating the company’s commitment to innovation.
CEO Insights
Mario Costantini, CEO and General Manager of Neva Sgr, expressed confidence in Phosphorus Cybersecurity’s potential, stating, “Investing in xIoT cybersecurity is increasingly critical given the rapid growth of connected devices across key sectors such as healthcare, manufacturing, and hospitality.”
Chris Rouland, CEO of Phosphorus Cybersecurity, added, “We chose Phosphorus because of its distinctive technology and innovative approach. Leveraging Neva Sgr’s extensive European network and strategic resources, we look forward to actively supporting Phosphorus’s international growth and market success.”
For more information about this investment and its implications, visit RegTech Analyst.
