Published On: Thu, Jun 17th, 2021

Cybersecurity Startup Claroty Hits Unicorn Status

Claroty just brought in $140 million.

Claroty is an Israeli industrial cybersecurity startup. The company just raised $140 million in new funding. While Claroty did not give its full valuation, Calcalist reports that the round was done giving the company a $1 billion valuation. So Claroty is now a unicorn.

The round is co-led by Bessemer Venture Partners’ Century II fund, which is specifically designed for growth-stage market leading companies that will define the next century, and 40 North, the related investment arm of privately-held global industrial company Standard Industries. Additional strategic investors include LG, the global innovator in technology and manufacturing, and I Squared Capital’s ISQ Global InfraTech Fund. All previous investors, including Team8 and long-time customers and partners Rockwell Automation, Siemens, and Schneider Electric, have also participated. The round brings the company’s total funding to $235 million.

Founded in 2015, Claroty calls itself the industrial cybersecurity company which is trusted by the world’s largest enterprises. Claroty helps customers “reveal, protect, and manage their OT, IoT, and IIoT assets.” The company’s comprehensive platform connects “seamlessly” with customers’ existing infrastructure and programs while providing a full range of industrial cybersecurity controls for visibility, threat detection, risk and vulnerability management, and secure remote access—all with a significantly reduced total cost of ownership.

Israel is not known as Startup Nation for nothing. And now Startup Nation may be known as Unicorn nation. A unicorn is a startup which is still a privately held company that has already reached a billion dollar plus valuation. Claroty is now the fifteenth Israeli startup to hit this mark since the start of 2021. It follows Bringg, an Israeli provider of cloud-based delivery and logistics services. Bringg hit the mark just yesterday.

Claroty is backed and adopted by leading industrial automation vendors, with an expansive partner ecosystem and award-winning research team. The company is headquartered in New York City and has a presence in Europe, Asia-Pacific, and Latin America, and deployments on all seven continents.

The round marks the largest investment ever made within the industrial cybersecurity sector, establishing Claroty’s market leadership as the world grapples with an uptick in cyber attacks on critical infrastructure in recent months. The new funding will be used to accelerate the company’s expansion into new verticals and regions, as well as to further enhance its best-in-class product portfolio.

“Our mission is to drive visibility, continuity, and resiliency in the industrial economy by delivering the most comprehensive solutions that secure all connected devices within the four walls of an industrial site, including all operational technology (OT), Internet of Things (IoT), and industrial IoT (IIoT) assets,” said Yaniv Vardi, CEO of Claroty. “With this new investment from the most prestigious firms in the world, we have the financial runway to execute on our proven product strategy in a hyper-growth market, with a world-class leadership team and a strong ecosystem of partners to take us there.”

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