One of the systems developed by ICsec detects anomalies and cyberthreats   in industrial automation networks, preventing their adverse consequences. It relies on big data, machine learning and artificial intelligence mechanisms, ensuring real-time monitoring and detection of cyberthreats.

‘I am positive that ICsec’s products will attract interest from the market, while enhancing cybersecurity of PGNiG’s own industrial units. As a group, we operate strategic infrastructure requiring special protection. The ICsec system has its own software and hardware (in the form of a probe). It is the only solution of this kind dedicated to our sector and the only one made in Poland, which gives it a significant advantage over foreign competition. Another vital advantage is the on-site availability of maintenance service,’ said Arkadiusz Sekściński, Vice President of the PGNiG Management Board for Development.

The value of the ICsec share issue for PGNiG Ventures was PLN 4m. However, after the second equity funding round planned for 2021 the investment may total   PLN 8m. In line with the fund’s investment policy, PGNiG Ventures will hold a minority interest in ICsec. It is the first investment made by PGNiG’s fund as part of a call for applications procedure commenced in March 2020. The investment’s time horizon is up to five years.

‘We have decided to invest in ICsec because of its innovative solution,   numerous advantages, such as an experienced team, business model whose viability has been confirmed by existing investors, and the fast-growing cybersecurity market on which the company operates, offering high growth potential. A clearly-defined vision of growth and exit on terms satisfactory to the shareholders have also played a part,’ said Małgorzata Piasecka, the PGNiG Ventures CEO.

ICsec intends to apply the proceeds mainly towards commercialisation of its solutions, further R&D work, sales and marketing efforts, as well as its own contribution to projects co-financed with EU or national funds, which have been successfully absorbed by the company.

‘With the security of Poland’s strategic infrastructure in mind, it is essential that cybersecurity solutions, including those for monitoring industrial networks, should be provided by a Polish producer. We are glad that PGNiG Ventures has followed in the footsteps of Tauron Polska Energia’s corporate fund, joining the group of our investors. The prestige   and market positions of these national champions will help open the doors to new markets for ICsec. This is also consistent with our strategy to collaborate with entities where ICsec solutions can be quickly deployed. I believe that our partnership will bear fruit soon, and that the PGNiG Group, and thus Poland’s key infrastructure assets, will become much more secure,’ said Robert Juszczyk, the ICsec CEO.

Cyberattacks are commonplace these days posing a real threat to businesses, as confirmed by the ‘Cybersecurity barometer. Towards cloud solutions’ report prepared by KPMG, according to which 54% of Polish companies recorded at least one cybersecurity incident in 2019. According to 90% of all businesses, cybercrime remains the most serious threat.[1] The implementation of ICsec solutions could help industrial companies reduce the occurrence of such risks.

About PGNiG Ventures
PGNiG Ventures is a corporate venture capital fund owned by Polskie Górnictwo Naftowe i Gazownictwo. Its investment focus is on companies offering unique products or services, knowledge, business model and strong management teams, striving to become leaders of their respective markets. PGNiG’s fund is interested in companies offering unique products and services that can be applied in the energy and upstream sectors. Within several years, PGNiG Ventures’ capital is to reach PLN 100m. The fund will acquire minority interests in companies, allowing their existing owners to decide on key development directions. The maximum investment in a single entity through two funding rounds is PLN 15m, with the expected investment horizon of three to seven years.

About ICsec
ICsec is a leader in industrial infrastructure security. Since 2018, the ICsec team have been successfully developing Poland’s first cybersecurity ecosystem, connecting the industrial sector with Polish science. The company delivers solutions to reduce the business risk from cyberattacks on industrial networks.

Its flagship product is SCADVANCE XP, the most advanced industrial network monitoring system designed to detect potential threats and anomalies in traffic between network devices based on machine learning and artificial intelligence. This high-end solution ensures compliance with the requirements of the Act on the National Cybersecurity System.

The producer received the Golden Laurel of Innovation 2020 award from the Polish Federation of Engineering Associations for its Scadvance XP solution. In 2017, the product also received the prestigious ‘ELIKSIR’ award from the National Economic Chamber of Electronics and Telecommunications.