US-headquartered industrial cybersecurity technology provider Dragos secured $110m yesterday in a series C round co-led by investment vehicles for energy supplier National Grid and chemicals and manufacturing group Koch Industries.
National Grid Partners (NGP) and Koch Disruptive Technologies (KDT) were joined by industrial system manufacturer Schweitzer Engineering Labs, IT services firm Hewlett Packard Enterprise and Saudi Aramco Energy Ventures, a corporate venturing arm of oil and gas producer Saudi Aramco.
The round was filled out by existing investors that included AllegisCyber Capital, Canaan, DataTribe and Energy Impact Partners. It increased the company’s overall funding to $158m.
Dragos has built an integrated software platform that enables users to get detailed information on the security status of operational technology and industrial control systems in order to prevent them being hacked, and infrastructure or industrial facilities impacted or disrupted.
Canaan invested $21m to lead the company’s $37m series B round in late 2018, investing together with Schweitzer, NGP, automation technology manufacturer Emerson and existing backers Energy Impact Partners, AllegisCyber and DataTribe.
NGP’s president, Lisa Lambert, said: “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 are pleased to reinvest and to co-lead the round at this important stage of the company’s growth.”
Andre Turenne, a director at NGP, has joined the company’s board of directors in conjunction with the round, as has KDT managing director Byron Knight.
