Industrial control system cybersecurity startup Dragos Inc. has announced that it has raised $200 million in new funding to accelerate its global expansion and support customers in key growth markets and industries.

Koch Disruptive Technologies and funds managed by BlackRock led the Series D round. Also participating in the round were Emerson, Hewlett Packard Enterprise, Allegis Cyber, Canaan, DataTribe, Energy Impact Partners, Schweitzer Engineering Labs, National Grid and Rockwell Automation. The round was raised on a valuation of $1.7 billion, giving Dragos the highest valuation achieved by an operation technology cybersecurity company.

Founded in 2016,  Dragos offers an industrial threat detection and response platform that provides ICS cybersecurity teams with components required to detect and respond to industrial cybersecurity threats. The company pitches itself as providing a platform to safeguard civilization from those trying to disrupt the industrial infrastructure we depend on daily.

Alongside its core platform, Dragos also provides threat hunting and incident response services as well as a threat intelligence program called Dragos WorldView that provides intelligence reports of ICS cybersecurity risks. The mix of services providers customers with critical visibility into ICS and operational technology networks so that threats are identified and can be addressed before they become significant events.

The company’s solution protects organizations across various industries, including power and water utilities, energy and manufacturing.

Since last raising funding in August 2020, Dragos has seen strong growth. The company has seen 100% year-over-year growth in platform recurring revenue for the period ended Sept. 30, off an undisclosed base, as it has expanded global operations into the U.K., Australia and New Zealand.

Dragos has also undertaken a joint initiative with the North American Electric Reliability Corp.’s Electricity Information Sharing and Analysis Center to strengthen collective defense and communitywide visibility for industrial cybersecurity in the North American electricity industry with 84 utilities representing more than 70% of electric utility customers in the U.S. A similar initiative with the Oil and Natural Gas Information Sharing and Analysis Center is also in place to strengthen security and visibility for industrial cybersecurity in the North American oil and natural gas industry.

“Executives around the world from corporate leadership to government officials have continued to note the criticality of protecting OT and the need to do so with OT specific approaches,” Robert M. Lee, co-founder and chief executive of Dragos Inc., said in a statement. “The risks are not just in cyberattacks, though those are becoming more numerous and aggressive, but also in ensuring the appropriate insights into ICS/OT environments to maintain resilience as our world’s infrastructures and industrial automation environments become more connected and more complex.”

Including the new funding, Dragos has raised $364.2 million to date, according to data from Crunchbase.

Image: Dragos