Yokogawa Makes Strategic Equity Investment in Bayshore Networks, an Emerging
U.S.-based Leader in Advanced IIoT Security
–Accelerating development of Yokogawa IIoT architecture–
Yokogawa Electric Corporation announces that it has invested in Bayshore Networks Inc., a U.S. technology innovator that is developing cybersecurity software for the Industrial IoT (IIoT). With this investment, Yokogawa will help Bayshore Networks continue development of its IIoT security technology, and will benefit from Bayshore’s communications control and other technologies. The partnership is expected to help speed Yokogawa’s development of the IIoT architecture needed to expand its solutions lineup.
Founded in 2012 and headquartered in the Washington D.C. metropolitan area, Bayshore Networks offers cybersecurity system solutions for industrial applications. The firm has a number of strategic partners in the IT sector and has gained recognition for its expertise in IIoT cybersecurity.
Bayshore Networks has created communications control technology for Layer 7*1 of the open systems interconnection (OSI) reference model*2. More than just cybersecurity technology, this can also be employed in safety solutions for operational technology used to monitor and control production facilities. As this technology has the potential to become a crucial component in Yokogawa’s IIoT architecture research and development efforts, we have invested US$900,000 in this firm.
Tsuyoshi Abe, a Yokogawa vice president and head of the company’s Marketing Headquarters, comments as follows on this partnership with Bayshore Networks: “Yokogawa’s control business offers solutions ranging from field sensors to control systems, manufacturing execution systems (MES), and management information systems that help its customers improve their operational efficiency and safety and make more effective use of their business assets. We are looking forward to creating new value by providing further innovative solutions and services to our customers by partnering with Bayshore Networks which has cutting edge technologies for the IIoT security.”
“Yokogawa shares our vision for a secure IIoT enabling new applications that will increase safety, optimize processes, and drive efficiencies,” said Mike Dager, CEO of Bayshore Networks. “We are proud and excited to partner with such a renowned global leader in industrial controls.”
Recent advances in the IIoT field are making it easier to obtain information through networks and apply it in various solutions. With this investment, Yokogawa and Bayshore Networks will share knowledge and expertise in plant process control and operation, and the latest IIoT security and communications innovations, in support of Yokogawa’s IIoT architecture development. Based on these technologies, Yokogawa aims to expand the lineup of operational technology safety solutions that it will offer to its industrial customers to help optimize their plant operations.
Yokogawa has drawn up a long-term business framework and formulated a vision statement that reads, Through “Process Co-Innovation,” Yokogawa creates new value with our clients for a brighter future. “Process Co-Innovation” is a concept for an automation business that will utilize all of Yokogawa’s measurement, control, and information technologies. According to this statement, Yokogawa will seek not only to optimize production processes but also the flow of material and information within and between companies, including their value and supply chains. This concept covers all solutions of Yokogawa, which is committed to working with customers to create value. The effective use of IIoT is key to “Process Co-Innovation.”
Based on its corporate brand slogan of “Co-innovating tomorrow,” Yokogawa plans to leverage Bayshore Networks’ technology to develop new solutions and create new value in collaboration with its customers and partners.
*1 Applications layer, i.e. the top layer
*2 A model in which the functions of communication devices are divided into seven layers. This model was defined by the International Organization for Standardization (ISO) to facilitate data communication among different communication systems.
Yokogawa’s global network of 92 companies spans 59 countries. Founded in 1915, the US$3.7 billion company engages in cutting-edge research and innovation. Yokogawa is active in the industrial automation and control (IA), test and measurement, and aviation and other businesses segments. The IA segment plays a vital role in a wide range of industries including oil, chemicals, natural gas, power, iron and steel, pulp and paper, pharmaceuticals, and food.
For more information about Yokogawa, please visit www.yokogawa.com/za