Dragos Raises $110 Million In Series C Funding

By Annie Baker ● December 10, 2020
  • Dragos — a global leader in cybersecurity for industrial controls systems (ICS)/operational technology (OT) environments — announced that it has raised $110 million in Series C funding

Dragos — a global leader in cybersecurity for industrial controls systems (ICS)/operational technology (OT) environments — announced that it has raised $110 million in Series C funding from investors representing some of the world’s largest corporations. And the funding round represents the most substantial investment-to-date for a company in the ICS/OT cybersecurity sector.

This new funding round will be used to support an expanding set of global customers across a diversity of industries, including electric, oil & gas, manufacturing, mining, chemicals, and transportation and to accelerate the next stage of the company’s worldwide operations to address the burgeoning market for ICS/OT cybersecurity solutions.

Dragos’s Series C funding round is co-led by National Grid Partners (the independent venture investment and innovation arm of National Grid plc.) and Koch Disruptive Technologies (the investment arm of Koch Industries). The Series C investment brings the company’s total funding to $158 million, which is the highest funding level for any start-up in the ICS/OT cybersecurity space.

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

National Grid Partners Director Andre Turenne and Byron Knight, Managing Director of Koch Disruptive Technologies, have joined the Dragos board as part of the funding round.

Along with facilitating the next stage of Dragos’s business growth, the Series C funding will enable the company to continue to build its worldwide operations to meet the cybersecurity needs of critical infrastructure at all levels, no matter the size or complexity of the organization.

KEY QUOTES:

“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. 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.”

— Robert M. Lee, Chief Executive Officer and Co-Founder of Dragos

“Koch Industries has more than 500 global manufacturing facilities, and the need for protection from cybersecurity threats grows each day. As we continue to transform and modernize operations, Dragos will be a key partner in helping protect these assets to ensure we can continue providing products and services our customers prefer.”

— Byron Knight, Managing Director of Koch Disruptive Technologies

“Combating cyber threats against critical assets that power our operations is at the center of our risk management approach across the entirety of Koch Industries. Industrial cyberattacks can impact worker safety, plant productivity, and business continuity. Safeguarding our data is important and protecting our operations is essential.”

— Jarrod Benson, Chief Information Security Officer of Koch Industries

“We understand the importance of technologies like the Dragos Platform that protect operational technologies and provide insights to help customers stay at the forefront of cyber innovation. We first invested in Dragos in 2018, and since then, their innovation in industrial cybersecurity has become even more important. We’re pleased to reinvest and to co-lead the round at this important stage of the company’s growth.”

— Lisa M Lambert, Chief Technology and Innovation Officer at National Grid and President of National Grid Partners