TXOne Networks Funding, Investors & Competitors
TXOne Networks has raised $145M across 4 funding rounds, most recently a $51M Series B in May 2024.
Last TXOne Networks funding round
$51M
Series B · May 2024
Cumulative funding TXOne Networks raised
$145M
across 4 funding rounds
Key investors in TXOne Networks
JAFCO Asia
TGVest Capital
Purestone Capital
Taiwania Capital Management Corporation
Applied Ventures
ITIC: Industrial Technology Investment Corporation
CDIB Capital Group
Pegatron
About TXOne Networks
TXOne Networks is a Taipei-based cybersecurity firm protecting ICS/OT environments in manufacturing, energy, and utilities with endpoint agents and network sensors. The Pearl model provides real-time threat hunting for Modbus and OPC protocols, deployed at 2,000 sites worldwide. Launched in 2019 as a Trend Micro spin-off, TXOne secures clients like ExxonMobil and Siemens.
Founded
2019
HQ
TaipeiWebsite
Status
Privately held
Customer focus
B2B
Revenue model
Subscription
TXOne Networks Funding History
TXOne Networks has raised a total of $145M across 4 funding rounds.
TXOne Networks' first fundraising round was a $11M seed round in April 2019. The most recent completed round was a $51M Series B in May 2024.
TXOne Networks funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| May 2024 | Series B | TGVest Capital (lead); Applied Ventures; Taiwania Capital Management Corporation; ITIC: Industrial Technology Investment Corporation; IOIC- INTANIA OPEN INNOVATION CLUB; Pegatron; CDIB-Innolux; CDIB Capital Group | $51M | TXOne Networks is a cyber-physical systems security provider specializing in operational technology (OT) and industrial control systems (ICS) cybersecurity, pioneering an 'OT Zero Trust' approach to protect manufacturing and critical infrastructure from cyber threats. Founded in 2018 as a joint venture between Trend Micro and Moxa, it became independent two years ago while retaining investments from both. The company develops practical, operations-friendly cyber defense solutions to safeguard operations, streamline management, and reduce security overhead in OT environments. On May 7, 2024, TXOne Networks raised $51 million in a Series B extension (Series B-II) round, led by TGVest Capital with participation from existing investors Pegatron Group, CDIB Capital Group, and CDIB-Innolux II L.P., and new investors Taiwania Capital and Applied Ventures ITIC Innovation Fund L.P. (a joint fund of Applied Ventures and ITIC-Taiwan). This follows a $70 million Series B round in August 2022 led by TGVest Capital ($20 million) with other participants including KAiA Capital, MediaTek, and individuals, and a Series A in August 2021 led by JAFCO Asia. Total funding raised across four rounds reached approximately $144.69M to $162.7M. The funding underscores investor confidence in TXOne's technology, team, and market position amid rising cybersecurity demands for manufacturing and critical facilities. CEO Terence Liu highlighted plans to expand global presence, recruit talent, and grow the OT zero trust platform. TGVest Chair DC Cheng praised TXOne's unique solutions for protecting revenues and operations. TXOne operates from headquarters in Irving, Texas, and Taipei, Taiwan, serving global manufacturers and critical infrastructure operators. Recent leadership additions include Stephen Driggers as Chief Revenue Officer in 2024 to drive growth strategies, following the Series B extension. The company positions itself as a leader in the growing OT cybersecurity market, differentiating through innovative defenses beyond traditional methods. |
| Aug 2022 | Series B | JAFCO Asia (lead); Purestone Capital (lead); TGVest Capital (lead) | $70M | TXOne Networks is a global leader in industrial Internet of Things (IIoT) security, specializing in operational technology (OT) zero trust cybersecurity solutions for industrial control systems (ICS). The company provides advanced tools to protect enterprises from cybersecurity threats in sectors like semiconductors, medical and pharmaceutical, automobiles, aerospace, smart manufacturing, food processing, public transportation, and critical electric infrastructure. It serves large enterprises, international conglomerates, and supply chains across upstream, midstream, and downstream operations. On August 18, 2022, TXOne announced its Series B funding round totaling $70 million, led by TGVest Capital with a $20 million investment. Participants included KAiA Capital, CDIB Capital Group, CDIB-Innolux L.P., MediaTek, Ta Ya Electric Wire & Cable, Ta Ya Venture Capital, Simplo Technology Group, CHT Security Corporation, Ash Tower Limited, Steven Pan of Silks Hotel Group, and Chun-I Wu of TAYIH Group. Returning investors from the August 2021 Series A, such as JAFCO Asia and Purestone (also referred to as Jade Stone Jinghua Limited Partnership Fund), also participated. The funding aims to expand TXOne Networks' global presence, recruit world-class talent, and develop its OT zero trust-based cybersecurity platform to address rising threats to ICS and enterprise operations. It has grown its U.S. and European workforce by 67% over the past year and plans to double its global size by year-end. Prior to this round, TXOne had raised about $23.7 million, including a $12.9 million Series A, bringing total funding to nearly $95 million. TXOne positions itself as an early mover in OT cybersecurity, offering OT-native solutions for threat prevention, response, regulatory compliance, and operational continuity. CEO Terence Liu emphasized the market's confidence in the company's technology, team, and execution amid increasing cyberattacks on manufacturing and critical facilities. Investors like TGVest Capital Chair DC Cheng highlighted TXOne's unique solutions to capitalize on growing OT security demand. The company has earned recognition, such as CRN's 2022 Emerging Vendor in Security and SC Awards Europe 2022 for Best Endpoint Security Solution. |
| Aug 2021 | Series A | JAFCO Asia (lead); Purestone Capital (lead) | $13M | TXOne Networks is a global leader in industrial Internet of Things (IIoT) security, specializing in operational technology (OT) cybersecurity and zero trust-based security platforms for industrial control systems. The company completed its Series A financing in August 2021, led by JAFCO Asia and Purestone Silks Investment Fund. The company serves large enterprises and international conglomerates across semiconductor, medical, pharmaceutical, automotive, aerospace, smart manufacturing, food processing, public transportation, and critical infrastructure sectors. While the specific Series A valuation was not publicly disclosed, the company demonstrated strong early traction and subsequently raised $70 million in Series B funding in August 2022, indicating substantial investor confidence in its market opportunity and execution. |
| Apr 2019 | Seed | Trend Micro (lead) | $11M | TXOne Networks is a joint venture between Trend Micro and Moxa, focused on cybersecurity for industrial IoT and operational technology environments, including security gateways, endpoint agents, and network segmentation solutions. The company was created in 2018 to secure industrial control systems in sectors like smart manufacturing, smart cities, and smart energy. Around April 2019, TXOne Networks announced early activities through its joint venture with Trend Micro, offering solutions like Industrial IPS to protect hard-to-secure devices and smart factories. |
Who has invested in TXOne Networks?
11 investors have backed TXOne Networks across its funding rounds, including JAFCO Asia, TGVest Capital, Purestone Capital, Taiwania Capital Management Corporation, Applied Ventures and ITIC: Industrial Technology Investment Corporation.
Lead investors include TGVest Capital, JAFCO Asia, Purestone Capital and Trend Micro.
TXOne Networks Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
 Singapore | 2 | Lead | Aug 2021 | |
| Taipei | 2 | Lead | Aug 2021 | |
| Taipei | 2 | Lead | Aug 2022 | |
 San Jose, CA | 1 | Participant | May 2024 | |
| Taipei | 1 | Participant | May 2024 | |
| Taiwan | 1 | Participant | May 2024 | |
 Bangkok | 1 | Participant | May 2024 | |
 Tokyo | 1 | Lead | Apr 2019 | |
| Taipei | 1 | Participant | May 2024 | |
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Start Free TrialTXOne Networks Competitors
TXOne Networks competitors include listed companies like PTC, EquipmentShare.com and Autodesk, and private ones like Verkada, Claroty and Exein.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| United States | Publicly listed | $2.7B | $1.1B | $15B | 5.8x | |
| San Francisco, CA | Private | - | - | $5.8B | - | |
| United States | Publicly listed | $4.4B | $704M | $4.6B | 1.8x | |
| New York City, NY | Private | $200M | - | $3B | 15.0x | |
 Rome | Private | $23M | - | $1.7B | - | |
| United States | Publicly listed | $7.2B | $1.8B | $46B | 5.7x |
TXOne Networks Public Comps
TXOne Networks is still privately-owned, but its public comps include Palo Alto Networks, CrowdStrike, IBM, Fortinet, Cloudflare, Johnson Controls, Cadence Design Systems, Autodesk, Constellation Software and Okta.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $11B | $1B | 26.7x | 25.9x | 301.1x | 76.9x | |||
| $4.8B | ($12M) | 51.4x | 44.5x | (19816.2x) | 151.0x | |||
| $68B | $17B | 4.2x | 4.0x | 16.9x | 14.6x | |||
| $6.8B | $2.3B | 18.1x | 15.9x | 53.7x | 41.9x | |||
| $2.2B | ($25M) | 54.6x | 44.3x | (4653.4x) | 185.1x | |||
| $24B | $3B | 4.0x | 3.7x | 31.0x | 20.0x | |||
| $5.3B | $1.8B | 14.8x | 13.0x | 44.3x | 27.3x | |||
| $7.2B | $1.8B | 6.3x | 5.7x | 25.6x | 14.1x | |||
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Common questions about TXOne Networks
| When was TXOne Networks founded? | TXOne Networks was founded in 2019. |
| Where is TXOne Networks headquartered? | TXOne Networks is headquartered in Taipei, Taiwan. |
| Is TXOne Networks publicly listed? | No, TXOne Networks is a private, VC-backed company. |
| How much funding has TXOne Networks raised? | TXOne Networks has raised $145M across 4 funding rounds. |
| What was TXOne Networks' last funding round? | TXOne Networks' last funding round was a $51M Series B in May 2024, led by TGVest Capital. |
| Who are TXOne Networks' investors? | TXOne Networks' investors include JAFCO Asia, Purestone Capital, TGVest Capital, Applied Ventures, Taiwania Capital Management Corporation, ITIC: Industrial Technology Investment Corporation, IOIC- INTANIA OPEN INNOVATION CLUB, Trend Micro, Pegatron, CDIB-Innolux and 1 other. |
| Which companies are comparable to TXOne Networks? | Companies comparable to TXOne Networks include PTC, Verkada, EquipmentShare.com, Claroty, Exein and Autodesk. |
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