Claroty raises $140Mn to expand its cybersecurity portfolio

Claroty, a New York-based cybersecurity firm that helps users protect and manage their Internet of Things (IoT) and OT (operational technology) assets, has reportedly bagged USD 140 million during its latest funding round.

Notably, with the new Series D funding co-led by 40 North and Bessemer, the firm has raised a total of USD 235 million. The round witnessed the participation of strategic investors namely- ISQ Global InfraTech Fund – a part of I Squared Capital, LG, and previous investors- Siemens, Rockwell Automation, and Schneider Electric.   

Incorporated in the year 2015, the startup focuses on the industrial scale of cybersecurity. Some of the leading customers of Claroty include Coca-Cola EuroPacific Partners, General Motors, and Pfizer- where the firm helped the pharmaceutical giant secure the coronavirus vaccine supply chain.

According to a statement by Claroty, the company has witnessed considerable growth in the number of clients in the last 18 months, largely fueled by the COVID-19 pandemic, with 110% year-on-year net new logo growth and 100% customer retention.

Seemingly, the startup is expected to use the raised funds to meet the burgeoning demand for the Claroty Platform- an end-to-end system that offers visibility into industrial networks and integrates secured remote access with constant monitoring of vulnerabilities and threats.

According to Yaniv Vardi, CEO, Claroty, the company aims at driving visibility and continuity in the industrial economy by offering comprehensive solutions that secure the connected devices within the walls of the industrial site, including IoT, OT, and Industrial IoT assets.

In order to meet rapidly rising demand, the company is planning to expand into new verticals and regions, including public-owned industries and transportation, as well as increase its global headcount. Calroty operates with nearly 240 employees at present.

The latest funding round comes amidst the sharp rise in cyber targeting institutions that underpin the global critical infrastructure and supply chains.

As per a recent survey by Claroty, nearly 53% of U.S. industrial companies have witnessed an increase in cybersecurity threats since the beginning of 2020.

Source Credit: https://techcrunch.com/2021/06/17/industrial-cybersecurity-startup-claroty-raises-140m-in-pre-ipo-funding-round/