On Thursday, Solidrocks Technology, a security company in China, announced that it completed an angel investing round worth of 10 million yuan. The deal was jointly invested by Plum Ventures and Weed Ventures Capital. Paradigm Advisors acted as the exclusive financial adviser for the deal. The funds will be used to expand the company’s R&D team as well as upgrade and iterate the security products based on the research of vulnerabilities in core industry control.
Solidrocks Technology was established in December 2021 and its core team members are all from Dingxiang Technology, a well-known business security company in China. The team has launched a series of intelligent industrial control security products based on the research of industrial control system vulnerabilities and their understanding of various real-world attack and defense countermeasure technologies.
The company has served the government as well as industries such as petroleum and petrochemical, aerospace, rail transportation, and intelligent manufacturing. Its clients include the State Grid, China Petroleum, and Sinopec. Insight Security Lab, a division of the company, is a leading researcher of industrial control system security in China and has uncovered thousands of high-risk vulnerabilities in various industrial control systems.
One of the investment highlights in the network security industry in recent years has been is industrial control security. On the demand side, industrial control systems are widely used in energy, rail transportation, water conservancy, municipalities and other areas of national importance and livelihood, so attacks on such systems can cause huge disruptions.
But, as connected and intelligent industry, the industrial control system has progressively developed from a closed and isolated system to an open, intelligent and interactive system. The existing loopholes and defects are more likely to be attacked by external forces. Therefore, the industrial system is facing great challenges. Over 80% of critical infrastructures related to national security and livelihood depend on industrial control systems to achieve automated operations. Once security incidents occur, enterprises would suffer great losses.