Posted to News on 7th Nov 2016, 14:05
Yokogawa makes strategic equity investment in Bayshore Networks
Yokogawa Electric Corporation has made a strategic investment in Bayshore Networks Inc., a US technology innovator that is developing cybersecurity software for the Industrial Internet of Things (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 lineup.
Founded in 2012 and headquartered in the Washington DC metropolitan area, Bayshore Networks offers cybersecurity systems 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 of the open systems interconnection (OSI) reference model: 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. As well as offering cybersecurity technology, this capability can also be employed in safety systems for monitoring and controlling production facilities. As this technology has the potential to become a crucial component in Yokogawa's IIoT architecture research and development efforts, Yokogawa has invested US$900,000 in this company.
Tsuyoshi Abe, a Yokogawa vice president and head of the company's marketing headquarters, comments: "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 and its cutting-edge technologies for IIoT security."
Mike Dager, CEO of Bayshore Networks adds: "Yokogawa shares our vision for a secure IIoT enabling new applications that will increase safety, optimise processes, and drive efficiencies. 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 ways. With this investment, Yokogawa and Bayshore Networks will share knowledge and expertise in plant process control and operation, including 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 systems that it will offer to its industrial customers to help optimise 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 its clients for a brighter future. Process Co-Innovation is a concept for an automation business that will utilise all of Yokogawa's measurement, control, and information technologies." According to this statement, Yokogawa will seek not only to optimise production processes but also the flow of material and information within and between companies, including their value and supply chains. This concept covers all the systems offered by 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 offerings and create new value in collaboration with its customers and partners.
For more information about Yokogawa please visit www.yokogawa.com.
