Cybersecurity firm Claroty, a maker of software that protects factories and industrial facilities from cybersecurity attacks, announced Thursday that it has secured $ 140 million in a Series D funding round.
The round is the “largest investment ever made” in industrial cybersecurity, the company said as the world has seen an increase in cyber attacks on critical infrastructure in recent months.
The new funds will be used to expand the Accelerating company into new markets and industries, the company said in a statement.
The round is jointly led by the Century II fund of Bessemer Venture Partners and 40 North, the investment arm of privately held global industrial company Standard Industries . Other strategic investors are LG from South Korea and the ISQ Global InfraTech Fund from I Squared Capital. All previous investors, including Team8 and long-term customers and partners such as Rockwell Automation, Siemens and Schneider Electric, also took part. The round brings the company’s total funding to $ 235 million, the statement said. “Our mission is to promote transparency, continuity and resilience in the industrial economy by delivering the most comprehensive solutions, all of them.” Protect connected devices within the four walls of an industrial site, including all operational technology, the Internet of Things and industrial IoT assets. ”said Yaniv Vardi, CEO of Claroty. The new funding will give the company the “financial runway” to implement its product strategy, he said.
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Since 2020, when the coronavirus pandemic required digitization of the home and office, cybersecurity attacks against organizations, infrastructure and supply chains have been on the rise.
According to Cybersecurity Ventures, the global cost of damage to ransomware is expected to be $ 265 billion by 2031. US $ 20 billion in 2021.
Claroty’s technology is already in use in thousands of locations and facilities around the world. For example, the company has worked closely with Pfizer to secure its supply chain for COVID-19 vaccines in the race for unprecedented global demand, the statement said.
The 2014 CEO, Benny Porat, Amir Zilberstein, The company, founded by the Chief Technology Officer, and Galina Antova, the Chief Business Development Officer, expects sales growth of 133% in the first half of 2021 compared to the first half of last year.
The company has 80 new employees this year in the USA, EMEA and APAC regions and is aiming to increase its workforce by almost 50% by the end of the year, according to the statement.
“We have launched the Bessemer growth fund to target clear market leaders to invest, ”said David Cowan, Partner at Bessemer Venture Partners. “We are focused on helping the next generation of category-defining companies that have a great product market fit, scalability, and strong leadership team. Since our first investment in Claroty in 2016, the company has continued to demonstrate that it has the best vision, team and technology to meet the unique challenges in the critical infrastructure security sector. ”
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