Exclusive: Dragos Raises $37 Million to Secure Industrial Systems

Two years ago when Rob Lee first sought funding for his cybersecurity startup Dragos, most venture capitalists didn’t deem the business “investible,” he says.

Fortune | By: Robert Hackett | November 14, 2018

The market for securing industrial control systems—machinery used in manufacturing, water treatment, power plants, and oil and gas facilities—struck prospective backers as too complex, slow-moving, and small. The opportunity wasn’t obvious, even in the immediate aftermath of a hacker-induced outage of a Ukrainian power grid by a group associated with Russia in December 2015. Today Dragos is having no such difficulty. The Hanover, Md.-based firm, which employs more than 80 people, said Wednesday it raised $37 million in new venture capital. The company has raised a total of $48 million in three rounds of funding to date.

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