Inside the Cybersecurity Landscape, Fundings: Safire Technology Group, New Frontier Aerospace, Hephae Energy Technology
9 October 2024 - A Weekly Publication by New North Ventures
Spencer Thompson, CEO and co-founder of our portfolio company Prelude, was interviewed at Fal.Con 2024 where he shared his insights on the evolving cybersecurity landscape and the impact of AI-driven tools in the sector. His contributions underscored the critical need for proactive defense strategies and collaboration in the face of emerging threats.
In the interview, Spencer charted Prelude’s journey from a training-focused company to a leader in offensive cybersecurity, partnering with industry giants like CrowdStrike to ensure organizations are truly secure.
Spencer's insights into product-market fit and the importance of delivering essential, practitioner-driven solutions in a rapidly changing landscape are a testament to Prelude's impact in the cybersecurity space. We’re excited to see Prelude continue to lead the way in protecting critical infrastructure for businesses worldwide. Click here to listen to the full interview!
American Water, the Largest Water Utility in US, Is Targeted by a Cyberattack
American Water, the largest regulated water and wastewater utility company in the U.S., recently fell victim to a cyberattack. In response, the company, which serves over 14 million people across 14 states, took immediate steps, including shutting down certain systems, to protect its infrastructure.
As a result, American Water paused its billing process and reassured customers that late fees would not be applied while they worked on resolving the issue. The company is actively investigating the incident, which was discovered last Thursday, and has involved law enforcement to aid in the investigation.
Despite the attack, American Water confirmed that its operations and facilities remain unaffected, ensuring that water services to its customers have not been interrupted. The company, based in New Jersey, manages over 500 water and wastewater systems in communities across states including California, Maryland, and Pennsylvania, as well as 18 military installations.
The ongoing investigation aims to determine the full extent of the breach, with staff working continuously to address the situation.
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Founded: 2020
Key People: CEO John Lee
Elevator Pitch: A li-ion electrolyte additive technology designed for government and automotive markets.
Funding: The company raised $10.91 million through a combination of Seed-1 and Seed-2 funding in a deal led by Canaan Partners on October 3, 2024, putting the company's pre-money valuation at $23.59 million.
Founded: 2020
Key People: CEO Bill Bruner
Elevator Pitch: Advanced rocket engines for fast cryogenic orbit transfer stages, planetary landers, and net carbon-negative hypersonic aircraft.
Funding: The company raised $2.5 million of seed funding from Pacific Bays Capital on October 7, 2024.
Key People: CEO Steve Krase
Founded: 2020
Elevator Pitch: An alternative energy technology company intended to offer a new generation of drilling technology.
Funding: The company raised $6.35 million of venture funding from undisclosed investors on October 3, 2024.
Look for a new episode of the Securing the Future Podcast wherever you listen. In our most recent episode, general partner Jeremy Hitchcock sits down with Hector Xu, founder and CEO of Rotor AI, to discuss the groundbreaking technology behind converting traditional helicopters into autonomous drones for both civilian and defense applications.
