VCs sell stakes in Rhebo to trade

Technologiegründerfonds Sachsen (TGFS), Montan-Ventures-Saar and VNG Innovation have also sold their stakes as part of the deal, which will see Landis + Gyr wholly acquire the business.

The rationale behind the exit is linked to a number of factors, including market demand and the synergies between Rhebo and Landis + Gyr. However, the exit is not related to the Covid-19 pandemic, a source close to the situation told Unquote.

Landis + Gyr was sold to Toshiba in 2010, having previously received venture capital backing from investors including Global Founders Capital, KKR and Bayard Capital.

Previous funding
eCapital and TGFS invested in Rhebo in June 2016. eCapital deployed equity via eCapital Fund IV, which held a final close in December 2017 on €100m.

Company
Founded in 2014 and based in Leipzig, Rhebo provides cybersecurity software for companies operating in the industrials sector. Its software aims to assist businesses with the management of threat detection and network monitoring in operational technology and Internet-of-Things devices, as well as plant availability. Its products include its Industry 4.0 Stability and Security Audit, and IoT Device Protection.

People
Rhebo – Klaus Mochalski (CEO).
Landis + Gyr – Werner Lieberherr (CEO).
eCapital – Dirk Seewald (partner).

Advisers
eCapital  – Neef Legal (legal).

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