DeNexus, the Boston-based cyber risk management company with operations in Bermuda, has raised $17.5 million in a Series A funding round.

The company said the capital raise positions DeNexus to accelerate its growth and expand its innovative product offerings and markets.

The funding round was led by Houston-headquartered Punja Global Ventures, with investment also from Bermudian-based Axa XL, Prosegur/SegTech and HCS Capital.

As part of this investment, Rimmo Jolly, co-founder at Punja Global Ventures, will join DeNexus’ board of directors, while Libby Benet, global chief underwriting officer at Axa XL, will join as a board observer.

The company said: “With this new funding, DeNexus is well-positioned to address the growing need for comprehensive cyber risk management in industrial environments, helping organisations navigate the complex landscape of cybersecurity threats and regulations.”

José Seara, chief executive of DeNexus, said: “This investment is a strong vote of confidence in DeNexus’ vision and our ability to address the critical cybersecurity challenges faced by industrial enterprises and physical critical infrastructures.

“We’re poised to expand our go-to-market team, enhance our product offerings, and continue delivering on our commitment to provide a full-stack, end-to-end cyber risk management solution to our customers.”