Critical Infrastructure Security

New funding brings Dragos’ investment total to $440 million

Computer controlled automated machine move containers at Long Beach Container Terminal in the Port of Long Beach in Long Beach, Calif., on Nov. 15, 2021. (Photo by Jeff Gritchen/MediaNews Group/Orange County Register via Getty Images)

Dragos announced it has raised $74 million in Series D funding, which was led by strategic operating and investing firm WestCap. 

It’s an extension of an initial $200 million equity investment in October 2021 by Koch Disruptive Technologies. Monday’s announcement brings the total raised by the industrial controls systems and operational technology environments cybersecurity firm to about $440 million to date.

According to Dragos, the new money will go towards supporting more go-to-market initiatives to meet growing demand, as well as funding accelerated expansion in markets such as North America, Europe, the Middle East and the Asia-Pacific in industries such as eclectic, oil & gas, chemical, manufacturing, pharmaceutical, transportation and building automation.

“Demand for OT cybersecurity continues to be strong and this extension allows us to scale. What’s really exciting is that WestCap, as lead investor, is a partner in our success and shares our commitment to build the collective defense to protect industrial organizations and the communities they serve,” said Robert Lee, chief executive officer and co-founder of Dragos, Inc. 

The extension comes as the Biden administration released its National Cybersecurity Strategy earlier this year with a focus on critical infrastructure, where the government’s regulatory authority is typically the strongest. 

“As cyberattacks escalate in frequency and complexity, it is critical that we support the scaling of leading companies like Dragos whose mission is to 'safeguard civilization,'" said Laurence A. Tosi, Founder and Managing Partner at WestCap.

Stephen Weigand

Stephen Weigand is managing editor and production manager for SC Media. He has worked for news media in Washington, D.C., covering military and defense issues, as well as federal IT. He is based in the Seattle area.

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