Industrial Cybersecurity Firm Dragos Raises $110 Million

Industrial cybersecurity firm Dragos announced on Tuesday that it has raised $110 million in a Series C funding round, which brings the total raised by the company to-date to $158 million.

Dragos was founded in May 2016 by Robert M. Lee (CEO), Jon Lavender (CTO) and Justin Cavinee (Chief Data Scientist), former members of the U.S. intelligence community who worked on identifying, analyzing and responding to ICS-focused cyberattacks coming from nation-state attackers.

Dragos offers products and services that span ICS/OT asset visibility (the Dragos Platform), ICS-specific Threat Intelligence, and professional services and training.

According to the Hanover, Maryland-based company, the additional cash injection will be used to support overall growth and operations.

“This is a decisive moment in the ICS/OT cybersecurity market, with many powerful drivers coalescing to generate an unprecedented level of market interest and customer demand,” said Robert M. Lee, CEO and Co-Founder of Dragos. “Our Series C funding is an investment by industry, for industry, and will enable us to fully meet this moment for our customers by advancing the innovative technology at the center of our Dragos Platform, expanding our global footprint, and continuing to recruit the world’s most elite team of ICS/OT cybersecurity experts.”

While the amount of the Series C funding is impressive, also is the list of investors from the industrial sector that have jumped on board to be part of the funding.

The Series C round was co-led by National Grid Partners, the investment arm of energy giant National Grid plc; and Koch Disruptive Technologies, the investment arm of manufacturing titan Koch Industries.

Other Series C investors include Saudi Aramco Energy Ventures (SAEV); Hewlett Packard Enterprise (NASDAQ: HPE); and existing investors including Allegis Cyber, Canaan, DataTribe, Energy Impact Partners, and Schweitzer Engineering Labs.

The Series C funding round represents the largest publicly disclosed investment to-date for a company in the industrial cybersecurity sector.

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