Technology

Claroty raises $ 140 million for its industrial cybersecurity solution

Claroty, specialist in industrial cybersecurity, raised $ 140 million on June 17, during a Series D funding round, co-led by Bessemer Venture Partners and Standard Industries’ 40 North investment platform.

This funding comes in the midst of the explosion of cyber attacks in the industrial sector, paralyzing the activity of many companies. Claroty, which offers a platform for companies to protect and manage their OT, IoT and IIoT assets, has succeeded in winning over strategic investors such as LG, the ISQ Global InfraTech fund of I Squared Capital, Team8, Rockwell Automation, Siemens and Schneider Electric.

Rise in cyber attacks

Founded in 2015, the New York-based start-up said the funding round marks the biggest investment ever in industrial cybersecurity. It brings the total amount raised by the company to $ 235 million. Claroty intends to use these funds to meet the rapidly accelerating global demand for The Claroty Platform, an end-to-end solution that addresses threats and other vulnerabilities that businesses may encounter.

According to Cybersecurity Ventures, the damage caused by ransomware is expected to exceed $ 265 billion worldwide by 2031, compared to $ 20 billion in 2021. Faced with this increased risk, the list of Claroty’s customers is growing.

An upcoming IPO

The start-up already has big names among its clients, such as General Motors, Coca-Cola, EuroPacific Partners and Pfizer. In an interview with TechCrunch, the start-up revealed that it has experienced growth “significant“110% of its customers over the past 18 months, helped in large part by the pandemic.

Ultimately, Claroty plans to expand further by offering its solutions to new professional sectors and new regions of the world. The company, which currently has 240 employees, is also planning to hire internationally and make acquisitions in the near future. In any case, this is what CEO Yaniv Vardi told TechCrunch journalists. “The ultimate goal is to become the market leader in industrial cybersecurity“, he confided. He also indicated that this financing is probably the last before a potential IPO for the start-up.

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