Dragos raises $74M to secure industrial control systems from threats

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Dragos, a institution building package to unafraid nan power systems for manufacturing and business equipment, has raised $74 cardinal successful a Series D information hold led by WestCap.

The round, which brings Dragos’ full raised to $440 million, leaves nan startup’s post-money valuation unchanged for nan 2nd twelvemonth astatine $1.7 billion. Dragos CEO Robert Lee says that nan caller money will beryllium put toward “continuing to turn and expand” nan company’s customer base, which stands astatine astir 400 organizations and governments.

“Equity provides Dragos pinch nan astir operational flexibility,” Lee told TechCrunch successful an email interview. “The Series D backing hold will bolster Dragos’ expertise to make business cybersecurity much accessible astir nan world.”

Lee co-founded Hanover, Maryland-based Dragos pinch Justin Cavinee and Jon Lavender respective years ago, inspired by his clip successful nan U.S. Air Force arsenic a cyber warfare operations officer. Through Dragos, Lee hoped to thief plus owners and operators — specifically those successful industries specified arsenic electric, water, lipid and state and chemic — protect infrastructure from threat actors that target nan hardware monitoring, managing and controlling devices successful business settings.

Data suggests that attacks connected this hardware, known arsenic business power systems, are expanding not only successful frequency, but sophistication. Waterfall Security Solutions, a Dragos competitor, reported 57 attacks connected business power systems successful 2022 — a 140% summation successful nan number of attacks versus nan twelvemonth prior.

Meanwhile, a caller survey by ABS Group, a consulting group for nan marine and offshore oil, state and chemic sectors, reveals that 45% of organizations judge threats to their power systems are “high,” while different 15% work together that they’re “severe aliases critical.”

Frost & Sullivan anticipates that nan world marketplace for business cybersecurity will deed $10.2 cardinal by 2025, up from $3.3 cardinal successful 2020.

“Bad actors are leveraging cyberattacks to target and power nan environments of nan world’s business infrastructure,” Lee said. “Once comparatively ‘air gapped,’ business controls person go progressively connected to IT networks.”

Dragos attempts to unafraid these controls by delivering visibility into an organization’s assets and communications. The company’s level leverages analytics to place threats, helps to prioritize vulnerabilities and provides playbooks for responding to attacks.


Image Credits: Dragos

Lee claims that Dragos is 1 of nan fewer business power information vendors to supply a managed hunting work and a threat intelligence work for customers. Dragos hunts for — and reports connected — threat activity wrong an business power strategy environment, and allows customers to optionally, anonymously stock threat intelligence pinch nan broader community.

Dragos, which has a 500-person workforce, has been focused connected aggressively expanding complete nan past respective months. This outpouring and summer, it grew its beingness successful Western Europe, peculiarly successful Germany, Austria and Switzerland; expanded its footprint successful Saudi Arabia and nan United Arab Emirates; and entered into an statement pinch IT consultancy Macnica to supply Dragos’ products successful Japan. Just successful August, Dragos signed a three-year woody pinch nan Singaporean government’s cybersecurity arm, supporting nan country’s efforts to take sides against cyberattacks connected its operational exertion and captious infrastructure.

Beyond nonstop agreements and customer engagements, Dragos is putting efforts into getting its partner programme disconnected nan ground. The program, launched this twelvemonth arsenic nan Dragos Global Partner Program, offers training to partners who resell, negociate and deploy its platform, including Dragos’ plus find and threat discovery services.

In a erstwhile interview, Lee said that Dragos’ volition is to yet IPO. It seems it’s conscionable a matter of when.

Source techcrunch