Security Experts:

Connect with us

Hi, what are you looking for?

SecurityWeekSecurityWeek

Cybersecurity Funding

Dragos Becomes First Industrial Cybersecurity Unicorn After Raising $200 Million

Dragos has become the first industrial cybersecurity unicorn — with a valuation of $1.7 billion — after raising $200 million in a Series D funding round.

Dragos has become the first industrial cybersecurity unicorn — with a valuation of $1.7 billion — after raising $200 million in a Series D funding round.

The latest funding, which brings the total raised by Dragos to roughly $360 million, was led by Koch Disruptive Technologies and funds and accounts managed by BlackRock. Several other investors also took part in this round.

Robert Lee, CEO and co-founder of Dragos, told SecurityWeek in an interview that his company had not been actively looking for investors, and noted that this significant funding round highlights the growing importance of the OT cybersecurity market.

Dragos becomes unicornDragos offers a platform that provides asset visibility and inventory, vulnerability management, threat detection, and investigation and response capabilities. While many cybersecurity firms regularly release new features and capabilities for their products, Lee told SecurityWeek that Dragos is currently focusing on efficiency — helping customers operationalize — rather than innovation.

Dragos currently has 360 employees and operations around the world, but it wants to continue growing, which includes expansion to new regions and market verticals. The company reported 100% YoY growth in platform recurring revenue.

Lee said one of his goals is for Dragos to become a publicly traded company, but he could not share any specific plans for an IPO.

Other industrial cybersecurity companies have also announced raising significant amounts of money in recent months — Claroty announced raising $140 million in June — but, based on public information, Dragos is now the highest valued firm in this sector.

Dragos is currently tracking nearly 20 groups that pose a threat to industrial organizations, and an increasing number of companies have turned to Dragos for incident response. Lee said roughly two-thirds of the incidents they investigate are a result of opportunistic attacks, while the rest are targeted.

Lee noted that while some industries, such as electric, have done a good job at keeping up with the threat landscape, there are some sectors, such as manufacturing, that have fallen behind.

Related: Industrial Cybersecurity Firm SynSaber Launches With $2.5M in Seed Funding

Related: OT Security Firm SIGA Raises $8.1 Million in Series B Funding Round

Related: IoT/OT Device Security Firm NanoLock Raises $11 Million

Written By

Eduard Kovacs (@EduardKovacs) is a contributing editor at SecurityWeek. He worked as a high school IT teacher for two years before starting a career in journalism as Softpedia’s security news reporter. Eduard holds a bachelor’s degree in industrial informatics and a master’s degree in computer techniques applied in electrical engineering.

Click to comment

Daily Briefing Newsletter

Subscribe to the SecurityWeek Email Briefing to stay informed on the latest threats, trends, and technology, along with insightful columns from industry experts.

Join this webinar to learn best practices that organizations can use to improve both their resilience to new threats and their response times to incidents.

Register

Join this live webinar as we explore the potential security threats that can arise when third parties are granted access to a sensitive data or systems.

Register

Expert Insights

Related Content

Application Security

Cycode, a startup that provides solutions for protecting software source code, emerged from stealth mode on Tuesday with $4.6 million in seed funding.

Management & Strategy

SecurityWeek examines how a layoff-induced influx of experienced professionals into the job seeker market is affecting or might affect, the skills gap and recruitment...

Cybersecurity Funding

SecurityWeek investigates how political/economic conditions will affect venture capital funding for cybersecurity firms during 2023.

Funding/M&A

More than 450 cybersecurity-related mergers and acquisitions were announced in 2022, according to an analysis conducted by SecurityWeek

Funding/M&A

Twenty-one cybersecurity-related M&A deals were announced in December 2022.

Management & Strategy

Industry professionals comment on the recent disruption of the Hive ransomware operation and its hacking by law enforcement.

Funding/M&A

Forty cybersecurity-related M&A deals were announced in January 2023.

CISO Strategy

Cybersecurity-related risk is a top concern, so boards need to know they have the proper oversight in place. Even as first-timers, successful CISOs make...