Follow on Google News
News By Tag
News By Location
Follow on Google News
Tosibox Oy Raises 5 Million Euros In Growth Funding
Tosibox, the leader in OT networking, has raised EUR 5 million in growth funding
By: Tosibox Oy
The investment provides Tosibox Oy with 2.75 million euros of new equity immediately and also contains an option for add-on funding of 2.2 million euros.
The funding allows Tosibox Oy to accelerate its international growth in the US and other key markets and roll out new software products and business models, including its soon-to-be-launched TOSIBOX® platform with automated enterprise-wide OT cyber security capabilities and unlimited networking scalability and expandability.
The CEO of Tosibox Oy, Ms. Kaija Sellman comments: "The investment by Nexit provides us with funding to further accelerate our growth and reach new international customers and markets. We also welcome the opportunity to work with the Nexit team whose hands-on Activist VC approach fits well with our growth ambitions and development needs."
The investment is the first one from Nexit's recent Nexit III fund which concentrates on providing growth capital to the most promising European B2B companies that are accelerating digital transformation and disruption and are positioned for fast international growth.
Mr. Artturi Tarjanne, General Partner at Nexit Ventures says: "We could not be prouder in making Tosibox Oy the first investment of our Nexit III Fund which truly makes the company the apple of our eye. We have been impressed by the team and technology of Tosibox Oy and we've had unusually strong positive feedback from the markets during our investment and due diligence process."
In keeping with Nexit's Activist VC philosophy, Tosibox Oy and Nexit are focusing on further productizing and bringing to market the innovative software technology Tosibox Oy has developed to deploy safe, yet extremely easy to configure and manage software-based OT networks. This patented security layer is unique in the market and allows Tosibox Oy to technologically leapfrog its primarily hardware-driven competitors and provide compelling new applications and purchasing models for its customers.
About Tosibox Oy
Tosibox Oy is a leader in secure OT (operational technology) networking with more than 100,000 networks and 100 million sensors, machines, assets, devices and users connected with the patented TOSIBOX® OT platform. Tosibox Oy has users in more than 150 countries, offices in Finland, Sweden, Germany, and USA, and a partner network covering more than 60 countries globally. For more information, please see https://www.tosibox.com.
Kaija Sellman, CEO, Tosibox Oy
Account Email Address Account Phone Number Disclaimer Report Abuse