- Ordr, the leader in proactive protection for the hyper-connected enterprise, announced it has raised $27.5 million in Series B funding led by Battery Ventures
Ordr — the leader in proactive protection for the hyper-connected enterprise — announced that it has raised $27.5 million in Series B funding led by Battery Ventures with additional participation from existing investors Wing Venture Capital, 1011 Ventures, and Unusual Ventures. In conjunction with this funding round, Battery Ventures general partner Dharmesh Thakker will join the Ordr board of directors.
This round of funding will further Ordr’s leadership position as an innovative and accessible solution for regulating and securing all kinds of network-connected devices and giving enterprises the power to more effectively protect their environments.
The rapid growth of the Internet of Things (IoT) devices in the enterprise — which is driven mainly by the broader drive of companies toward digital transformation — has been delivering many benefits to businesses, but it has also created new security vulnerabilities and a broader attack surface for potential bad actors.
Gartner is expecting the total installed base of IoT devices across business spending centers to hit roughly 20.4 billion by 2020.
Nemertes Research CEO Johna Till Johnson is pointed out that 20% of organizations have held back from deploying IoT due to security concerns.
“Yet Nemertes’ data show that companies generate on average $2.5 million in new revenue, $1.25 million in saved costs, and 36% in business process improvement per successful IoT project—indicating that it’s worth the effort to surmount these security concerns,” explained Johnson.
Ordr is going to use the funding to aggressively expand its go-to-market activities worldwide, including growing its enterprise sales teams and recruiting top-tier partners. And the company will also raise market awareness of its unique touchless approach to proactive security within the enterprise and to accelerate the ongoing development of the Ordr Systems Control Engine (SCE).
Ordr’s technology fully maps every device across the enterprise using machine learning to completely and continuously inspect and baseline the behavior of every connected device. Unfortunately, most enterprises aren not properly regulating all of the connected devices they are using or they may not even be aware many of them exist.
Ordr utilizes its comprehensive understanding of device behavior to automatically generate policies to protect these devices and other critical enterprise assets.
“It’s becoming increasingly critical that enterprises properly protect network-connected devices, and the network itself, from potentially nefarious activity,” commented Ordr CEO Greg Murphy. “For far too long, these organizations have been in a reactive mode, using tools that provide only basic visibility, responding to device vulnerabilities as they are discovered. In our view, enterprises must be proactive, ensuring that their most mission-critical assets and business functions are always protected.”
Thakker noted that Ordr’s management team has deep experience in networking and network security. Murphy along with company co-founders Gnanaprakasam Pandian and Sheausong Yang and company chairman Dominic Orr previously held senior leadership roles at Aruba Networks.
“The number of devices connecting to enterprise networks will increase exponentially in the coming years, posing a clear risk to critical assets,” noted Thakker. “We believe Ordr is uniquely positioned to secure these assets proactively, compared with other solutions that are more reactive and only identify problems after they happen. Ordr’s approach has been validated by its rapid adoption by leading enterprises worldwide. We are excited to partner with the top-notch Ordr management team and assist with the company’s further growth and innovation.”
Thakker noted that Ordr’s management team has deep experience in networking and network security. Murphy along with company co-founders Pandian Gnanaprakasam and Sheausong Yang and company chairman Dominic Orr previously held senior leadership roles at Aruba Networks.
“The number of devices connecting to enterprise networks will increase exponentially in the coming years, posing a clear risk to critical assets,” noted Thakker. “We believe Ordr is uniquely positioned to secure these assets proactively, compared with other solutions that are more reactive and only identify problems after they happen. Ordr’s approach has been validated by its rapid adoption by leading enterprises worldwide. We are excited to partner with the top-notch Ordr management team and assist with the company’s further growth and innovation.”
Ordr’s solution has been adopted by enterprise organizations in multiple industries across the globe and it has been driving nearly 1,000% growth in annual recurring revenue and a more than 400% increase in enterprise customers over the past year.
