8 December 2020
Dragos, Inc., the global leader in cybersecurity for industrial controls systems (ICS)/operational technology (OT) environments, today announced that it has secured $110 million in Series C funding from investors representing some of the world’s largest corporations. The round represents the most substantial investment to date for a company in the ICS/OT cybersecurity sector. The new funding will be used to support an expanding set of global customers across a diversity of industries – including electric, oil & gas, manufacturing, mining, chemicals, and transportation – and to accelerate the next stage of the company’s worldwide operations to address the burgeoning market for ICS/OT cybersecurity solutions.
Dragos’s Series C funding round is co-led by National Grid Partners, the independent venture investment and innovation arm of National Grid plc., one of the world’s largest investor-owned energy companies; and Koch Disruptive Technologies, the investment arm of Koch Industries, one of the world’s largest technology companies and manufacturers, which invests in emerging and transformative high-growth technologies. The Series C investment brings the company’s total funding to $158 Million, the highest funding level for any start-up in the ICS/OT cybersecurity space. Other Series C investors include Saudi Aramco Energy Ventures (SAEV), a fund of Aramco Ventures, the $1.5 billion venture capital program of Aramco; Hewlett Packard Enterprise (NASDAQ: HPE), the global edge-to-cloud platform as-a-service company; and existing investors including Allegis Cyber, Canaan, DataTribe, Energy Impact Partners, and Schweitzer Engineering Labs.
Forrester Research reports that the increasingly complex and interconnected nature of today’s industrial control systems – command network and systems devices designed to monitor and control industrial processes – combined with hackers’ interest in compromising them for political and economic purposes, has made these systems more vulnerable than ever. As security and risk managers work to counter this increase in vulnerability to ensure business continuity and resilience, they need access to deep ICS/OT expertise and innovative technology architected to protect and defend industrial environments. In addition, industrial organizations have been forced to accept the cybersecurity risks of remote operations on an accelerated timeline and move quickly to close the gap left by legacy risk management approaches. This has resulted in an exponential increase in expanded threat surface with increased vulnerabilities and new attacker methods, translating to more opportunities for cyber adversaries.