Total amount raised
$438.2 Millions
Latest funding date
9/1/2023
Location
Dragos has successfully raised significant capital through multiple funding rounds, with the latest being a Series D. The company is dedicated to enhancing industrial cybersecurity, particularly for Operational Technology (OT) environments.
Keep reading to explore the intricacies of Dragos' fundraising journey and the investors backing this innovative platform.
What Is Dragos?
Dragos, founded in April 2016, is an industrial cybersecurity company based in Hanover, Maryland. The company was established by Jon Lavender, Justin Cavinee, and Robert M. Lee. With a team of 501-1000 employees, Dragos focuses on protecting industrial control systems (ICS) and operational technology (OT) environments from cyber threats.
How Much Funding Has Dragos Raised?
- Seed Round
- Amount Raised: $1.2M
- Date: August 2016
- Lead Investors: DataTribe
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the company's operations and develop its initial product offerings.
- Series A
- Amount Raised: $10M
- Date: August 2017
- Lead Investors: AllegisCyber, Energy Impact Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the team and accelerate product development.
- Series B
- Amount Raised: $37M
- Date: November 2018
- Lead Investors: Canaan Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance market reach.
- Private Equity Round
- Date: January 2019
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To secure additional capital for strategic growth initiatives.
- Debt Financing
- Amount Raised: $6M
- Date: October 2019
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support ongoing operational expenses and growth.
- Series C
- Amount Raised: $110M
- Date: December 2020
- Lead Investors: Koch Disruptive Technologies, National Grid Partners (NGP)
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand product offerings and enter new markets.
- Series D
- Amount Raised: $200M
- Date: October 2021
- Lead Investors: BlackRock, Koch Disruptive Technologies
- Valuation at Round: $1.7 billion
- Motivation Behind the Round: To support OT security and drive global expansion.
- Series D Extension
- Amount Raised: $74M
- Date: September 2023
- Lead Investors: WestCap
- Valuation at Round: $1.7 billion
- Motivation Behind the Round: To expand operations in Europe and Asia and address enhanced OT security regulations.
Total Amount Raised: $438.2M. Current Valuation: $1.7 billion.
Key Investors
- WestCap
- Details: WestCap is a strategic operating and investing firm that partners with visionary leaders to build generational businesses. They led the $74 million Series D extension funding round for Dragos.
- Investment Focus Areas: Technology, financial services, real estate, consumer sectors.
- Notable Investments: Airbnb, StubHub, iCapital Network.
- BlackRock
- Details: BlackRock is a leading global asset manager, known for its extensive portfolio and influence in the financial sector. They participated in the initial $200 million Series D funding round for Dragos.
- Investment Focus Areas: Technology, healthcare, financial services.
- Notable Investments: Apple, Microsoft, Amazon.
- Koch Disruptive Technologies
- Details: Koch Disruptive Technologies is the investment arm of Koch Industries, focusing on disruptive technologies and innovative companies. They led the initial $200 million Series D funding round for Dragos.
- Investment Focus Areas: Technology, energy, industrial sectors.
- Notable Investments: Desktop Metal, Insightec, Kinsa.
- National Grid Partners (NGP)
- Details: National Grid Partners is the venture investment and innovation arm of National Grid, focusing on energy and utility sectors. They participated in the Series C funding round for Dragos.
- Investment Focus Areas: Energy, utilities, technology.
- Notable Investments: AutoGrid, ClimaCell, SparkCognition.
- Canaan Partners
- Details: Canaan Partners is a venture capital firm that invests in early-stage technology and healthcare companies. They led the Series B funding round for Dragos.
- Investment Focus Areas: Technology, healthcare.
- Notable Investments: LendingClub, Ebates, Match.com.
What's Next for Dragos?
Dragos stands at the cusp of significant growth opportunities, driven by the expanding global industrial cybersecurity market, projected to reach $10.2 billion by 2025. The company is poised to capitalize on this growth by expanding its presence in key regions such as North America, Europe, the Middle East, and Asia-Pacific. This expansion will allow Dragos to serve a diverse range of industries, including electric, oil & gas, chemical, and manufacturing, among others.
Future fundraising opportunities appear promising, with the potential for additional funding rounds to support Dragos' ambitious growth plans. The company may also consider an initial public offering (IPO) as it continues to scale its operations and enhance its market presence. However, Dragos will need to navigate challenges such as the rapidly evolving threat landscape and the complexities of scaling operations globally while maintaining high standards of service and innovation.
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