Industrial cybersecurity firm Dragos on Wednesday announced that it has raised $37 million in a Series B funding round, which brings the total raised by the company to date to over $48 million.
The funding round was led by Canaan, with participation from Emerson, National Grid, and Schweitzer Engineering Laboratories (SEL), along with some existing investors. Joydeep Bhattacharyya, partner at Canaan, joins Dragos’ board of directors.
The money will be used for growing the company’s team in all areas, international expansion, and accelerating the growth of its software platform, intelligence, and threat operations services.
“The Series B raising period only lasted a few weeks and over 84 venture firms reached out to talk to us,” said Robert Lee, CEO of Dragos. “The speed of the B round and the number of potential investors is a sign that the market is evolving and that people are becoming aware that copy/pasting your enterprise security strategy into the industrial networks simply won’t work. Industrial specific people, processes, and technology are needed for industrial security because our threats and challenges are different.”
Dragos provides a threat detection and response platform, threat hunting and incident response services, and weekly intelligence reports. The company has been involved in investigating the Triton/Trisis incident and presented some of its findings at SecurityWeek’s ICS Cyber Security Conference last month.
“In Dragos’ Series A in July of 2017 we raised $10M and we were constantly told by investors that the industrial security market is too small and too slow,” Lee said. “However, we were able to prove out a lot in the last year and a half since our A round thanks to our customers who were far more numerous than we could have projected and much more forward leaning than the markets folks thought they were.”
The industrial cybersecurity market has been growing and established players of the IT cybersecurity market are looking to expand their operations into this space. IoT security company ForeScout recently announced the acquisition of operational technology (OT) network security firm SecurityMatters for roughly $113 million in cash.
Related: Industrial Cybersecurity Firm Claroty Raises $60 Million
Related: CrowdStrike, Dragos Partner on ICS Security Services
Related: Dragos Raises $1.2 Million to Counter ICS Cyber Threats

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.
More from Eduard Kovacs
- Intel Boasts Attack Surface Reduction With New 13th Gen Core vPro Platform
- Dole Says Employee Information Compromised in Ransomware Attack
- High-Severity Vulnerabilities Found in WellinTech Industrial Data Historian
- CISA Expands Cybersecurity Committee, Updates Baseline Security Goals
- Exploitation of 55 Zero-Day Vulnerabilities Came to Light in 2022: Mandiant
- Organizations Notified of Remotely Exploitable Vulnerabilities in Aveva HMI, SCADA Products
- Waterfall Security, TXOne Networks Launch New OT Security Appliances
- Hitachi Energy Blames Data Breach on Zero-Day as Ransomware Gang Threatens Firm
Latest News
- GitHub Suspends Repository Containing Leaked Twitter Source Code
- Intel Co-founder, Philanthropist Gordon Moore Dies at 94
- Google Leads $16 Million Investment in Dope.security
- US Charges 20-Year-Old Head of Hacker Site BreachForums
- Tesla Hacked Twice at Pwn2Own Exploit Contest
- CISA Ships ‘Untitled Goose Tool’ to Hunt for Microsoft Azure Cloud Infections
- Critical WooCommerce Payments Vulnerability Leads to Site Takeover
- PoC Exploit Published for Just-Patched Veeam Data Backup Solution Flaw
