Highlights:

  • According to the company, the potency of the Dragos Platform lies in its capability to encode OT threat intelligence and insights from the Dragos services team directly into the software.
  • Dragos plans to allocate a portion of the funds to expedite expansion efforts in vital growth markets like North America, Europe, the Middle East, and the Asia-Pacific.

Recently, Dragos Inc., a startup specializing in industrial control system cybersecurity, announced a significant funding round of USD 74 million. This funding injection aims to strengthen their capacity to enhance global accessibility to cybersecurity solutions for ICS and operational technology.

Established in 2016, Dragos pioneered industrial threat detection and response platforms. Their comprehensive solution equips ICS cybersecurity teams with essential components to effectively detect and respond to threats in the industrial landscape.

The Dragos Platform grants customers visibility into their ICS/OT assets, vulnerabilities, threats, and response actions, enhancing industrial cybersecurity. According to the company, the potency of the Dragos Platform lies in its capability to encode OT threat intelligence and insights from the Dragos services team directly into the software.

The Dragos Platform includes threat hunting, incident response services, and Dragos WorldView, a threat intelligence program delivering ICS cybersecurity risk intelligence reports. The combination of services offers customers visibility into ICS and OT networks so that threats can be identified and mitigated before the occurrence of 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. Demand for OT cybersecurity continues to be strong and this extension allows us to scale,” said Robert M. Lee, the Co-founder and Chief Executive.

This recent funding is an extension of Dragos’ Series D round, which initially amounted to USD 200 million in October 2021, valuing the company at USD 1.7 billion. WestCap Group LLC, a strategic operating and investing firm, provided the additional funding. This brings Dragos’ total funds raised to date to an impressive USD 440 million.

The funding infusion will bolster further go-to-market initiatives to effectively cater to the escalating demand. Dragos plans to allocate a portion of the funds to expedite expansion efforts in vital growth markets like North America, Europe, the Middle East, and the Asia-Pacific. These expansions will encompass various industries, such as electric, chemical, pharmaceutical, oil and gas, manufacturing, food and beverage, water, mining, transportation, and building automation.

Among the previous investors in Dragos are notable names, including Koch Disruptive Technologies Inc., funds managed by BlackRock Inc., Hewlett Packard Enterprise Co., Emerson Electric Co., Allegis Cyber LLC, DataTribe Capital LLC, Canaan Partners LP, Schweitzer Engineering Laboratories Inc., Energy Impact Partners LLC, National Grid plc, and Rockwell Automation Inc.