US-based cybersecurity technology developer Dragos secured $200m yesterday in a series D round led by chemical and industrial group Koch Industries’ corporate venturing subsidiary, Koch Disruptive Technologies.
Electrical transmission equipment maker Schweitzer Engineering Laboratories, enterprise software provider Hewlett Packard Enterprise, industrial technology producer Rockwell Automation and engineering firm Emerson also took part, as did energy provider National Grid, through National Grid Partners (NGP).
The round also featured BlackRock, Canaan Partners, AllegisCyber Capital, DataTribe, Energy Impact Partners (EIP) and Global Reserve Group. It valued the company at $1.7bn and increased its overall funding to $358m.
Dragos has built a software platform designed to integrate into critical infrastructure and industrial facilities to monitor industrial control systems (ICS) and operational technology (OT), protecting against cyberthreats.
Robert Lee, Dragos’s co-founder and chief executive, said: “Executives around the world from corporate leadership to government officials have continued to note the criticality of protecting OT and the need to do so with OT specific approaches.
“The risks are not just in cyberattacks, though those are becoming more numerous and aggressive, but also in ensuring the appropriate insights into ICS/OT environments to maintain resilience as our world’s infrastructures and industrial automation environments become more connected and more complex.”
NGP and Koch Industrial Technology co-led the company’s $110m series C round in December 2020, joining oil and gas producer Saudi Aramco’s corporate venturing arm, Saudi Aramco Energy Ventures, as well as Schweitzer Engineering Labs, Hewlett Packard Enterprise, Canaan, AllegisCyber, DataTribe and EIP.
Canaan led a $37m series B round for Dragos in 2018 that included NGP, Schweitzer, Emerson, EIP, DataTribe and Allegis. The previous year, EIP and Allegis had co-led a $10m series A round that also featured DataTribe.
