Industrial cybersecurity company Claroty on Thursday announced that it has raised $140 million in a Series D funding round, which brings the total raised by the firm to $235 million.
The latest funding round was co-led by Bessemer Venture Partners’ Century II fund and Standard Industries’ related investment business 40 North, with participation from I Squared Capital’s ISQ Global InfraTech Fund, as well as all previous investors and partners such as Rockwell Automation, Schneider Electric and Siemens.
Claroty says it will use the money to improve its products, and to expand to new regions and verticals.
Israeli news website Globes reported learning from sources that Claroty was valued at more than $1 billion following this funding round. Claroty could be the first industrial cybersecurity firm to achieve unicorn status, but it’s uncertain as many companies don’t comment on valuation.
The New York City-based company pointed out that this is the largest investment received to date by an industrial cybersecurity company. One of Claroty’s competitors, Dragos, raised $110 million in a Series C round last year.
Claroty’s solutions are designed to help organizations discover, manage and protect their operational technology (OT), Internet of Things (IoT) and Industrial IoT (IIoT) assets. Its products provide visibility, threat detection, secure remote access, and risk and vulnerability management capabilities.
The company was founded in 2014 and it emerged from stealth mode in 2016, when it also announced raising a total of $32 million in Series A and Series B funding rounds. Claroty was launched by Israel’s Team8 startup foundry, which also participated in the latest funding round.
*updated with information on valuation and additional details about the company
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