Dragos, a threat detection and response solution, has bagged $37m in its Series B round.
The round was led by early-stage-focused venture capital firm Canaan. Existing backers into Dragos also contributed to the new series including, Emerson, National Grid Partners and Schweitzer Engineering Laboratories.
As part of the deal, Canaan partner Joydeep Bhattacharyya will join the company’s board of directors.
This capital line will be used to help grow its team in all areas, as well as supporting customer demand and international expansion efforts.
The Dragos ICS threat detection and response cybersecurity platform which helps enterprises protect themselves from industrial cyberattacks. Its continuous passive monitoring software identifies and visualises assets, and is able to detect threats through intelligence-driven analytics, the company claims.
With threats increasing in number and scale, Dragos supports global collaboration and an intelligence driven solution to help protect critical infrastructure around the world.
Canaan partner Joydeep Bhattacharyya said, at. “Industrial equipment is one of the last largely unprotected vectors for cyberattack, one with potential for massive damage to the global economy including loss of human life.
“The Dragos threat detection and response platform delivers an unmatched solution to a fast-growing list of large industries and customers and we are thrilled to partner with this team of leaders in the industry.”
Canaan has made a number of investments into the RegTech space. Most recently, the firm led the $10m Series E funding round of smart finance and accounting solution ScaleFactor. The company integrates with existing cloud software to provide automation tools for bookkeeping, tax compliance, invoicing, bill paying and financial analysis.
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