ORLEN VC with the first direct investment in Poland
PKN ORLEN’s equity fund ORLEN VC has made its first direct investment by subscribing for new issue shares in ICsec, a Polish manufacturer of industrial cybersecurity systems. The transaction is part of the Group's strategy to invest in companies offering proprietary solutions with global potential..
- ORLEN VC is Poland’s largest corporate venture capital fund. Our plan is to invest about EUR 100 million over 10 years in technology companies offering breakthrough innovations. Our first direct investment is ICsec, a Polish manufacturer of cybersecurity systems for industrial applications and one of the most promising providers of such solutions. Investments in new areas will support knowledge and technology sharing, contributing to the successful delivery of the Group’s strategy - said Daniel Obajtek, President of the Management Board of PKN ORLEN.
ICsec is a Polish producer of industrial cybersecurity systems. The company offers solutions to detect vulnerabilities and cyber threats in industrial OT systems. Its focus is on OT security, which has been identified, for example in the National Critical Infrastructure Protection Programme, as one of the keys to ensuring critical infrastructure security. ICsec’s system, developed for several years now, was put to operation in Poland’s industrial infrastructure and ensures effective monitoring of industrial networks.
The cybersecurity market is one of the fastest-growing markets both in Europe and worldwide. Just like other major industrial sector players, PKN ORLEN has noted the surge in interest in cybersecurity solutions. In addition, the developments of recent months have spiked the demand for such services both in Poland and across Europe.
- We are currently focusing on establishing solid partnerships with distributors and trading partners in Poland and abroad. Our solutions enhance national security, especially in the area of critical infrastructure, which is considered a priority all around the world. We wish to thank the ORLEN VC team for the trust they have placed in us, and we are thrilled that ICsec, a cybersecurity industry player, has become ORLEN VC’s first direct investment - said ICsec’s CEO Robert Juszczyk.
- Attracting ORLEN VC as an investor makes us even more confident that the journey we embarked on five years ago was a good decision to make, and that we focused on the right area of technology of critical importance. We believe that the opportunity to exchange knowledge and experience with PKN ORLEN’s experts will contribute to further development of our SCADvance XP technology - said Marek Smolik, ICsec’s CTO.
Apart from cybersecurity, ORLEN VC’s investment focus is on the following industries: petrochemicals, energy (transition, efficiency, digitalisation, renewables, storage), circular economy (recycling, waste management), modern retail (automation of purchasing processes and digitalisation of sales and logistics), next-generation biofuels, modern materials, new mobility, digital transformation (software, IOT) and Industry 4.0.