National Grid in $37 million series B funding for threat detection

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Dragos, a developer of threat detection and response platform, has raised $37 million in series B funding to expand its operations and improve its technology.

The funding is led by Canaan, with participation from existing investors including Emerson, National Grid Partners and Schweitzer Engineering Laboratories.

The firm will use the funding to expand its global footprint and to provide the resources required for growing the team in all areas.

Programmes or services to be expanded include the firm’s threat hunting, incident response and threat intelligence programme Dragos WorldView.

Robert Yeager, president of Power and Water Solutions for Emerson, said: “As global industries continue to implement digital transformation strategies, it becomes even more critical to continue investing in new digital security technology.

“The future of our industry depends on maintaining a secure technology infrastructure, and … develop next-generation cybersecurity solutions for our partners across the energy and power sectors.”

“Industrial equipment is one of the last largely unprotected vectors for cyberattack, one with potential for massive damage to the global economy including loss of human life,” said Joydeep Bhattacharyya, Partner at Canaan.

The news follows Dragos being named by Gartner as a 2018 Cool Vendor in Industrial IoT and OT Security.