Dragos fortifies its cybersecurity lead with a $74m boost in funding


Dragos, recognised for its cybersecurity for industrial controls systems (ICS)/OT environments, has unveiled a $74m Series D extension.

Spearheading this funding round is the strategic operating and investing firm, WestCap.

This equity endorsement follows closely on the heels of Dragos’s formidable $200m Series D which unfurled in October 2021. Back then, Koch Disruptive Technologies, a subsidiary of Koch Industries, took the reins alongside BlackRock, a renowned global asset manager. The most recent cash infusion has propelled the Series D tally to an impressive $274m, marking the total capital raised by Dragos to a staggering approximate of $440m.

A deep dive into Dragos reveals it as an entity at the vanguard of fortifying industrial networks. Their offerings empower critical industries with pivotal visibility into their OT networks. This is especially vital in today’s world, where these industries must defend against the menacing threats that not only grab headlines but also prompt governmental interventions.

The recent influx of funds is earmarked to underpin Dragos’s concerted efforts to penetrate markets that show robust promise. The company’s eyes are set on North America, Europe, the Middle East, and Asia-Pacific, spanning sectors as diverse as electric, oil & gas, and manufacturing to name a few.

Dragos CEO and co-founder, Robert M. Lee, shed light on the evolving industrial threat landscape. He remarked, “The industrial threat landscape irreversibly changed this past year, and critical industries are seeking solutions that give them visibility into their OT networks and defend against the threats making headlines and driving government action. Demand for OT cybersecurity continues to be strong and this extension allows us to scale. What’s really exciting is that WestCap, as lead investor, is a partner in our success and shares our commitment to build the collective defence to protect industrial organisations and the communities they serve.”

Laurence A. Tosi, Founder and Managing Partner at WestCap, further elaborated on the increasing importance of cybersecurity, saying, “As cyberattacks escalate in frequency and complexity, it is critical that we support the scaling of leading companies like Dragos whose mission is to ‘safeguard civilisation.’ Dragos is the category leader in protecting critical infrastructure with a holistic cybersecurity approach in the Operational Technology segment led by a respected leadership team with a proven track record for investigating the most high-profile cybercrimes in recent history and building innovative technology to isolate and combat those threats.”

A retrospective glance reveals that Dragos’s Series D round had earlier swelled by $200m in October 2021, backed by Koch Disruptive Technologies.

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