Maryland-Based Cybersecurity Company Dragos Raises $37 Million In Series B

By Dan Anderson ● November 14, 2018

Dragos is a Hanover, Maryland-based cybersecurity company that has raised $37 million in Series B funding led by Canaan Partners. Emerson, National Grid Partners, and Schweitzer Engineering Laboratories (SEL) also participated in this round as well. Canaan partner Joydeep Bhattacharyya is joining the board of directors at Dragos in conjunction with this funding round.

Demand for Dragos’ asset identification and threat detection software has been rapidly growing. And Dragos’ products were built by an elite team of ICS cybersecurity practitioners. And the Dragos industrial threat detection and response platform provides ICS cybersecurity teams with the necessary components required to successfully detect and respond to industrial cybersecurity threats.

“Customers are recognizing our approach of first hiring an exceptional team of industrial security practitioners, and then codifying their experience into software, instead of simply relying on machine learning models or shared technical indicators. This results in a superior level of threat detection and response,” said Dragos co-founder and CEO Robert M. Lee.

Dragos also has threat hunting and incident response services along with a threat intelligence program called Dragos WorldView. And Dragos has been recognized as a Gartner 2018 Cool Vendor in Industrial IoT and OT Security.

“Industrial equipment is one of the last largely unprotected vectors for cyberattack, one with potential for massive damage to the global economy including loss of human life,” added Bhattacharyya. “The Dragos threat detection and response platform delivers an unmatched solution to a fast-growing list of large industries and customers and we are thrilled to partner with this team of leaders in the industry.”

With this round of funding, Dragos will continue its mission of “safeguarding civilization.” And the company will provide the resources that are required for growing its team in various areas including international expansion and fueling rapid growth driven by the company’s high demand of customers.

“Critical asset threats are on the rise, so an industrial specific cybersecurity strategy is increasingly important to companies”, said Andre Turenne, Director, National Grid Partners. “National Grid is leading the way in addressing industrial control system cybersecurity and Dragos has the expertise and technology to know that there is a specific threat occurring and informs what the attack is and what to do about it.”