ICS Security Firm Dragos Reaches $1.7B Valuation in Latest Funding Round

The $200M Series D represents the companys largest funding round to date.

ICS security vendor Dragos has reached a nearly $2 billion valuation in the wake of a $200 million Series D funding round that is led by Koch Disruptive Technologies and BlackRock and includes major industrial companies such as Emerson and Rockwell Automation.
The funding round follows
a $110 million Series C
in December 2020 led by major global energy, manufacturing, and oil and gas company investors. Dragos now has a $1.7 billion valuation.
Some of its previous investors joined the latest round, including Koch, Hewlett Packard Enterprise, Allegis Cyber, Canaan, DataTribe, Energy Impact Partners, National Grid Partners, and Schweitzer Engineering Labs. The Series D round will go toward Dragos continued global expansion in security for the industrial sector, including electric, oil and gas, chemical, pharmaceutical, food and beverage, water, and manufacturing.
Dragos funding and valuation underscores a red-hot ICS security market that has accelerated amid the pandemics subsequent work-from-home shift and ongoing digitization of industrial operations, as well as in the wake of high-profile cyberattacks including the ransomware attack that forced gas pipeline company Colonial Pipeline
to temporarily shut down its pipeline
.
Robert M. Lee, co-founder and CEO of Dragos, says industrial organizations really started to take OT cybersecurity seriously after the
2015 cyberattack that knocked out the power in Western Ukraine
. I think were seeing 2015 Ukraine catch up with us, Lee says. Power companies began to realize that could happen here, he notes.
Now ICS security is getting high-level business support. My conversations were always with CISOs and CIOs, but in the last year, its all been CEO and [the board], he says. Theres been an awakening there.

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ICS Security Firm Dragos Reaches $1.7B Valuation in Latest Funding Round