US-based cybersecurity technology developer Dragos has secured $37m in a series B round that included industrial component producer Schweitzer Engineering Laboratories, energy supplier National Grid and automation technology provider Emerson.
Venture capital firm Canaan Partners led the round with a $21m investment while Energy Impact Partners, Allegis and DataTribe committed $15m, according to Fortune. Emerson, Schweitzer and National Grid Partners, the corporate venturing arm of National Grid, put up the other $1m.
Dragos has developed a software platform which protects industrial infrastructure and networks by detecting and responding to cyberattacks. The company will use the series B funds to grow its team in all areas and continue its international expansion.
Andre Turenne, director at National Grid Partners said: “Critical asset threats are on the rise, so an industrial specific cybersecurity strategy is increasingly important to companies.
“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.”
The series B funding means Dragos has now raised $48.2m since 2016, having closed a $10m series A round featuring Energy Impact Partners, Allegis and DataTribe in August 2017. It had previously raised $1.2m in seed funding from DataTribe in 2016.