Claroty, an Israeli cybersecurity startup, secured $100 million in strategic growth financing for cyber-physical systems protection. This comes in addition to the $635 the company already raised to date. Claroty also broke the $100 million mark in ARR – Annual Recurring Revenue.
The funds will be used to scale Claroty’s platform approach to cyber-physical systems (CPS) protection across key verticals including the public sector and heavily regulated critical infrastructure industries, expand in emerging regions across the Americas, EMEA, and Asia-Pacific, fuel research and development for core and adjacent technologies including secure remote access, and double down on new and existing strategic partnerships.
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Cyber-physical systems (CPS) protection is a rapidly growing field that is concerned with safeguarding these integrated systems from cyberattacks. CPS are a combination of physical components and computational elements that are designed to interact with the physical world. They are becoming increasingly prevalent in our daily lives, from self-driving cars and smart grids to medical devices and industrial control systems.
The increasing reliance on CPS has also made them a prime target for cyberattacks. Hackers can exploit vulnerabilities in these systems to gain control of physical processes, which can have devastating consequences. For example, a cyberattack on a power grid could lead to widespread blackouts, while an attack on a self-driving car could result in serious injuries or fatalities.
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.
Claroty also achieved over 300% growth in number of customers since 2020.
“The past year has brought unprecedented geopolitical, macroeconomic, and regulatory changes that have created new trends and challenges for those charged with protecting the world’s critical infrastructure,” said Yaniv Vardi, CEO of Claroty. “With our deep domain expertise, unmatched technological capabilities in our comprehensive platform, and extensive partner ecosystem, Claroty is uniquely equipped to help CPS defenders navigate these changes. This new investment reinforces our leadership position in the CPS security market and propels us forward on our journey to ensure the cyber and physical worlds can safely connect to drive progress, improve productivity, and support our lives.”
