Deals · Cybersecurity
Indurex raises €7M to link cybersecurity alerts to physical plant data
An Amsterdam-based CPS security company that ingests engineering, process and safety signals from industrial control systems to detect anomalies and provide physical context to cybersecurity alerts — serving oil & gas, energy, utilities and manufacturing.
“Cyber defences in these critical sectors have focused solely on the network. We focus on the core industrial data itself: the engineering, process and safety signals that determine whether a plant is operating within safe limits. Cybersecurity and operational excellence have too often been managed as separate disciplines — Engineering Intelligence is the missing layer, and this funding allows us to bring that capability to more operators across critical infrastructure.”
Indurex (Amsterdam) has raised €7 million in a round led by Contrarian Ventures, with participation from Axeleo Capital and Dutch VC Curiosity. The company was founded in January 2026 by Jalal Bouhdada (CEO), a serial OT security founder, and Maarten Oosterink. Its platform, Indurex SafeGuard AI, monitors cyber-physical systems across critical infrastructure — connecting the IT cybersecurity layer to the engineering and process data that operations teams manage in real time.
Engineering Intelligence
The founding observation is a costly gap for industrial operators in oil & gas, energy, utilities and manufacturing: the stacks for cybersecurity (network monitoring), process safety (IEC 61511/61508 compliance), and operational performance (DCS historians, SCADA alarm management) were built separately and remain separate. A cybersecurity alert that arrives without context — without knowing whether the plant is near a process limit, or whether a safety instrumented system has already triggered — takes hours to triage and frequently gets deprioritised. Indurex ingests signals from all three domains simultaneously: industrial control systems, DCS, safety instrumented systems, historians, alarm managers, and conventional IT security tools. AI agents surface anomalies and engineering deviations; alerts arrive with physical plant context already attached.
The company calls this framing Engineering Intelligence — a layer that sits above OT cybersecurity and process operations and holds them together. It maps to the compliance frameworks already mandated across regulated sectors: IEC 62443, NIS2, NIST CSF, and NERC CIP.
"Electrification is putting more critical infrastructure online, and attacks on it are rising, with the damage felt in the physical world: cold homes, dark hospitals, water that stops flowing," said Rokas Peciulaitis, General Partner at Contrarian Ventures. "Detection alone is no longer enough."
The 18-month test
Contrarian Ventures' thesis in critical infrastructure sits alongside a market where the funded incumbents — Claroty's latest raise exceeded $400 million; Dragos has raised over $450 million combined — have had years to entrench. Bouhdada's value proposition to enterprise buyers is not primarily the technology framing: it is that he has sold OT security products into these same procurement processes before and knows how to navigate them. That is a credibility shortcut that cold-starting competitors lack.
The €7 million funds R&D expansion and commercial rollout across Europe and the Middle East, with the US and Asia-Pacific as subsequent targets. Indurex needs to convert the Engineering Intelligence narrative into signed contracts with identifiable critical-infrastructure operators — contracts that provide both revenue and the reference stories the Series A will require. The Middle East pipeline, where regulatory frameworks are newer and build-out cycles are shorter, may produce that first wave faster than European enterprise timelines would allow.
Sources
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