Claroty, the cybersecurity company for industrial control networks, announced on Monday (June 11) that a syndicate of investors, including industrial operators and control system vendors, invested $60 million in a Series B round of fundraising.
In a press release, Claroty said that with the latest round of funding, it has raised $93 million to date. The latest round was led by Temasek with participation from Rockwell Automation, Aster Capital, Next47, Envision Ventures and Tekfen Ventures. Original Claroty investors Bessemer Venture Partners, Team8, Innovation Endeavors and ICV all participated in the round, the company said in the press release.
The investment comes as Claroty, which came out of stealth mode in late 2016, had a strong year marked by 300 percent year-over-year growth in bookings and customers. The company said it now has “large-scale” customers with production installations across six continents in nine market segments, including electric, utilities, oil and gas, chemical, water, manufacturing, food and beverage, mining and real estate.
“Our unparalleled investor syndicate, which includes some of the most important industrial companies in the world, is a ringing endorsement of Claroty’s technology and the progress our team has made,” said Amir Zilberstein, Claroty co-founder and CEO, in the press release. “Our mission is to protect the most critical networks on the planet, and our comprehensive platform provides our customers with the capabilities they need to accomplish this vitally important task.”
According to Claroty, the cybersecurity market is rapidly expanding because old and insecure industrial control networks are being connected to networks, exposing a range of different security risks as a result. But because they are considered critical infrastructure that is targeted by adverse nations, there is more of a need to safeguard the systems.
“A perimeter defense to cybersecurity in today’s connected world is not enough. An end-to-end approach, with solutions that provide deep visibility into operational technology and industrial control systems, is critical for the security of heavy processing environments,” said Hervé Coureil, chief digital officer at Schneider Electric, which invested in Claroty via Aster Capital. “Leading the digital transformation of energy management and automation, Schneider Electric takes cybersecurity very seriously, and the partnership with Claroty complements the cybersecurity layer of our IoT-enabled EcoStruxure™ architecture.”