Cybersecurity agency Dragos has raised $110 million in its Collection C, virtually triple the quantity that it raised two years in the past in its final spherical.
Dragos was based in 2016 to detect and respond to threats going through industrial management methods (ICS), the units crucial to the continued operations of energy vegetation, water and power provides, and different crucial infrastructure. The corporate’s risk detection platform — its moneymaker — helps firms with industrial management methods defend in opposition to hackers making an attempt to get into vital operational methods. Its platform kicks out hackers that would shut down manufacturing traces or management power provide methods, whereas its analysis arm retains tabs on the hackers that may break into these extremely advanced and segmented industrial networks within the first place.
The startup’s newest spherical was led by Nationwide Grid Companions and Koch Disruptive Applied sciences, with each companies including a member every to Dragos’ board. The spherical additionally noticed participation from Saudi Aramco Power Ventures and Hewlett Packard Enterprise, in addition to return traders Allegis Cyber, Canaan Companions, DataTribe, Energy Impact Partners and Schweitzer Engineering Labs.
This newest spherical of funding will assist the corporate with its go-to-market efforts, in addition to rising its buyer assist workforce with 30 employees and build up its gross sales and advertising and marketing workforce. Lee stated the corporate’s precedence had been to work on its risk platform, and fewer promoting it.
About one-third of the corporate’s workers work in software program engineering to construct its risk platform.
Dragos founder and chief government Robert Lee stated the pandemic, which compelled huge swathes of the world to work remotely from house beneath lockdown restrictions, served as a wake-up name for firms with crucial infrastructure.
“Once you’re speaking about crucial infrastructure websites and folks’s utilities, you’ll want to put your finest foot ahead on the tech first,” he stated.
Many firms had been already making an attempt to adapt with the digital age, however Lee stated many firms realized that they had underinvested in ICS safety.
Based mostly simply outdoors Washington D.C., Dragos now has over 220 workers and can be including extra, near doubling its headcount since final yr, and including new workplaces in Melbourne, Dubai and in the UK.
Lee stated the U.Okay.’s transition out of the European Union would all however be certain that the brand new U.Okay. workplace couldn’t function an EU hub for the corporate, however that it was essential to “to go the place the issues are.”
One other a type of locations is Saudi Arabia, one of many world’s largest oil and fuel producers, the place Dragos has an office and now attracts an funding. Saudi oil and fuel manufacturing vegetation have been the goal of a number of cyberattacks, together with the Trisis malware in 2017 that shut down one of many kingdom’s greatest petrochemical vegetation. However the nation has confronted intensive criticism for its human rights file by worldwide rights teams. Lee stated the corporate works to guard infrastructure that serves civilians and has actively rejected navy contracts that might fall afoul of these values. “I don’t wish to put asterisks on that mission,” he stated.
Lee informed TechCrunch that the corporate has grown at a speedy tempo because it was based 4 years in the past.
“Our purpose was by no means to get acquired,” he stated. Echoing remarks he made final yr, Lee stated that the corporate’s plan was to proceed rising and investing within the issues that Dragos sees — with an eventual purpose to take the corporate public. “However we’re not rushed,” he stated.
“The hallmark of Dragos being profitable gained’t be a profitable IPO,” stated Lee. “The hallmark can be having validated and constructed the market massive sufficient that there will be different firms that come behind us serving the opposite extra area of interest points of the ICS market and constructing out the group, and ensuring our infrastructure is safer.”