The global cybersecurity company, Dragos raised $110 million in its Series C funding, nearly triple what it raised two years ago in its last round. Dragos was founded in 2016 to detect and respond to threats faced by industrial control systems (ICS), critical devices for continuous operation of power plants, water and energy supply, and other key infrastructure.
The investment was lead by some of the largest companies in the world in the power, oil and gas, manufacturing sectors. National Grid Partners, Koch Disruptive Technologies, Hewlett Packard Enterprise and Saudi Aramco Energy Ventures join other investors in driving the company’s expansion.
The company’s money-making threat detection platform helps companies with industrial control systems defend themselves against hackers trying to transition to critical operational systems. The platform expels hackers who could shut down production lines or control power supply systems, while his research arm keeps an eye on hackers who can break into those highly complex and segmented industrial networks in the first place.
This new funding sphere will help the company in its marketing efforts, as well as increase its buyer assistance team with 30 employees and increase its gross sales and advertising team. About a third of its employees work in software engineering to build threat platforms.
Dragos founder and CEO, Robert Lee, said the pandemic, which forced large areas of the world to work remotely from home under confinement restrictions, Served as a warning signal for companies with critical infrastructure. “Whenever you’re speaking about crucial infrastructure websites and folks’ utilities, that you must put your greatest foot ahead on the tech first,” he added.