Qualcomm Backs Industrial IoT Security Firm CyberX in $18M Round

CyberX, an industrial “Internet-of-things” security startup, has raised $18 million in a funding round led by the venture arm of chip-maker Qualcomm (NASDAQ: QCOM) and Inven Capital, a cleantech and new energy fund based in Prague, the Czech Republic. Waltham, MA-based CyberX says it has seen rapid sales growth, which it attributes to boards of directors at companies acknowledging the business risks of an increasingly Internet-connected enterprise that can make operations from factories and oil rigs to electrical grids and pharmaceutical labs more productive, but can also open a business up to more cyber attacks.