Industrial control system cybersecurity startup Dragos Inc. today announced that it has raised an additional $74 million in funding to bolster its ability to make ICS and operational-technology cybersecurity more accessible worldwide.
Founded in 2016, Dragos offers an industrial threat detection and response platform that provides ICS cybersecurity teams with components required to detect and respond to industrial cybersecurity threats.
The Dragos Platform offers industrial cybersecurity technology that gives customers visibility into their ICS/OT assets, vulnerabilities, threats and response actions. The company says the strength of the Dragos Platform comes from its ability to codify OT threat intelligence and insights from the Dragos services team into the software.
It provides threat hunting and incident response services as well as a threat intelligence program called Dragos WorldView, which provides intelligence reports of ICS cybersecurity risks. The mix of services provides customers with visibility into ICS and OT networks so that threats are identified and can be addressed before they become significant events.
“The industrial threat landscape irreversibly changed this past year and critical industries are seeking solutions that give them visibility into their OT networks and defend against the threats making headlines and driving government action,” said co-founder and Chief Executive Robert M. Lee. “Demand for OT cybersecurity continues to be strong and this extension allows us to scale.”
The new funding is an extension of a Series D round of $200 million Dragos raised in October 2021 on a valuation of $1.7 billion. The new funding came from strategic operating and investing firm WestCap Group LLC and takes the total raised to date by Dragos to $440 million.
The funding will support additional go-to-market initiatives to meet growing demand. Dragos also intends to use some of funds to accelerate expansion in key growth markets, including North America, Europe, the Middle East and the Asia-Pacific; and across diverse industries, including electric, oil and gas, chemical, manufacturing, pharmaceutical, food and beverage, water, transportation, mining and building automation.
Previous Dragos investors include Koch Disruptive Technologies Inc., funds managed by BlackRock Inc., Emerson Electric Co., Hewlett Packard Enterprise Co., Allegis Cyber LLC, Canaan Partners LP, DataTribe Capital LLC, Energy Impact Partners LLC, Schweitzer Engineering Laboratories Inc., National Grid plc and Rockwell Automation Inc.
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