Claroty Bags $60m for Industrial Network IoT Security

Cybersecurity firm Claroty, which provide security solutions for industrial and critical infrastructure applications, announced it has completed a funding round that raised $60 million. It will use part of those funds to increase its industrial network IoT security.

Many investors led the funding including:

• Singapore government-owned Temasek
• Rockwell Automation
• Aster Capital, sponsored by Schneider Electric
• Siemens-backed global venture firm Next47
• Envision Ventures
• Turkey-based Tefken Ventures
• Bessemer Venture Partners
• Innovation Endeavors
• ICV

Team8, a cybersecurity think tank and accelerator where Claroty got its start also contributed to the funding.

Founded in 2014, Claroty boasts customers across six continents and in nine market segments including utilities, oil and gas, mining, food and beverage, building management systems, warehouses, data centers and manufacturing.

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The company noted that ransomware attacks like WannaCry and NotPetya on industrial networks cost companies billions of dollars in damages in 2017. Its cybersecurity platform combines “secure remote access with continuous monitoring for threats and vulnerabilities” to assist industrial control system operators in protecting these networks.

Claroty Co-founder and CEO Amir Zilberstein says, “Our unparalleled investor syndicate, which includes some of the most important industrial companies in the world, is a ringing endorsement of Claroty’s technology and the progress our team has made. We have a mission to protect the most critical networks on the planet. Our comprehensive platform provides customers with the capabilities they need to accomplish this vitally important task.”

“A perimeter defense to cybersecurity in today’s connected world is not enough,” said Hervé Coureil, Chief Digital Officer at Schneider Electric, added.“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.”