Industrial Cybersecurity Firm Claroty Raises $60 Million
11.6.18 securityweek IT
New York-based industrial cybersecurity firm Claroty announced on Monday that it raised $60 million in a Series B funding round, bringing the total amount raised by the company to date to $93 million.
The funding round was led by Temasek, with participation from several industrial giants, including Rockwell Automation, Schneider Electric’s investment arm Aster Capital, and Siemens-backed venture capital firm Next47. Envision Ventures, Tekfen Ventures and original Claroty investors Bessemer Venture Partners, Innovation Endeavors, Team8, and ICV also contributed.
The company will use the new funds to further advance the technology powering its products, grow the Claroty brand, and extend global sales and customer support.
Claroty has been working with Rockwell Automation for nearly two years and in 2017 the companies announced that they had teamed up to combine their security products and services. Claroty also struck a deal last year with Schneider Electric to market its network monitoring solutions through Schneider’s Collaborative Automation Partner Program (CAPP).
Siemens has also entered a partnership with Claroty. A recently introduced anomaly detection capability added by Siemens to its service offering involves Claroty software running on Siemens hardware – initially on ruggedized PCs and, in the future, on switches.
Claroty was founded in 2014 and it emerged from stealth mode in 2016 with $32 million in funding. The company claims it has recorded a 300% year-over-year growth in bookings and customer base, which includes organizations all around the world in the electric utilities, oil and gas, chemical, manufacturing, mining, food and beverage, and real estate sectors.
Claroty’s ICS security platform continuously monitors operational technology (OT) networks in search of potential threats. The product enables organizations to control remote employee and third-party access to critical systems, and helps them create a detailed inventory of industrial network assets and identify configuration issues.
“Protecting the critical automation systems our customers operate against cyberattacks remains a top priority for the company,” said Frank Kulaszewicz, SVP, Architecture & Software at Rockwell Automation. “Claroty has been a partner since 2016 and their advanced technology is a key element of our real-time threat detection and monitoring service. Our investment in Claroty is a logical extension of our ongoing strategic partnership.”
“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. “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.”