Dragos, Inc., the global leader in industrial cybersecurity, has announced a $74 million Series D extension in funding. The investment round is led by WestCap, a strategic operating and investing firm. This extension is part of Dragos’s Series D funding, which initially raised $200 million in October 2021. With this new investment, the total funds raised for the Series D round now amounts to $274 million, and the total funds raised to date is approximately $440 million.

The industrial cybersecurity market is experiencing exponential growth and is expected to reach $10.2 billion by 2025, according to analyst firm Frost & Sullivan. This funding will help support Dragos’s go-to-market initiatives to meet the increasing demand in this market. It will also enable the company to expand its operations in key growth markets such as North America, Europe, the Middle East, and Asia-Pacific. Dragos aims to provide its cybersecurity solutions to diverse industries, including electric, oil & gas, chemical, manufacturing, pharmaceutical, food and beverage, water, transportation, mining, and building automation.

Robert M. Lee, the CEO and Co-Founder of Dragos, highlighted the changing industrial threat landscape and the need for solutions that can provide visibility into operational technology networks and defend against emerging threats. He emphasized the strong demand for OT cybersecurity and expressed excitement about the partnership with WestCap, which shares Dragos’s commitment to protecting industrial organizations and the communities they serve.

The extension in funding comes at a time when governments and infrastructure providers worldwide are recognizing the importance of industrial cybersecurity. The Biden administration’s National Cybersecurity Strategy and the United States Senate Committee on Energy and Natural Resources’ hearing on cybersecurity risks to energy infrastructure are examples of the increased attention being given to this issue. Similar initiatives in Europe, the Middle East, and Asia-Pacific are also contributing to the growing demand for industrial cybersecurity solutions.

Laurence A. Tosi, the Founder and Managing Partner at WestCap, emphasized the critical role of supporting companies like Dragos in scaling their operations to safeguard critical infrastructure. He praised Dragos’s leadership team for their expertise in investigating high-profile cybercrimes and their ability to develop innovative technology to combat threats.

The Series D funding extension will help Dragos make its cybersecurity solutions more accessible worldwide. The company has already expanded its presence in Western Europe, the DACH region, the UK, Australia, and New Zealand. Through partnerships and collaborations, Dragos is expanding further into Japan and the Middle East. In August, the company signed a three-year Memorandum of Understanding with the Cyber Security Agency of Singapore to support the country’s efforts in defending against cyberattacks on its operational technology and critical infrastructure.

In addition to the funding, Dragos has received industry recognition for its cybersecurity platform. The platform was awarded the SC Award for Best Industrial Security Solution, highlighting its ability to identify OT assets, manage vulnerabilities, and detect and respond to threats targeting industrial control systems. Dragos also received the SC Award for Most Promising Unicorn. These awards follow the recognition of Robert M. Lee as SC’s Security Executive of the Year and his designation as an EY Entrepreneur of the Year for the Mid-Atlantic region.

The industrial cybersecurity market is growing rapidly, driven by increasing sophistication in cyberattacks and an evolving threat landscape. With the additional funding, Dragos is well-positioned to meet the growing demand for OT cybersecurity solutions and continue its mission to protect critical infrastructure worldwide.

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