Ordr Nabs $40M To Protect Medical, Industrial Devices

Illustration of masked thief peeking through keyhole on laptop screen.

The thought of a cyberattack shutting down a large critical pipeline or a swath of life-saving medical devices in a hospital is a fear some IT professionals live with every day.

Santa Clara, California-based Ordr closed a $40 million Series C co-led by Battery Ventures and Ten Eleven Ventures to help ease those nightmares.

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Founded in 2015, Ordr seeks to help companies manage and secure the growing number of connected devices in the IoT—including its offshoots the Internet of medical things and operation technology. Its platform offers asset visibility into what is on the network, enforces policies and accelerates incident response.

Ordr has raised more than $90 million to date.

IoT security funding

Funding for IoT security firms has ebbed and flowed during the years. Investors have sometimes questioned its effectiveness as well as how costly and time-consuming installation can be.

Others have seen a growing need in securing connected devices as illustrated by the shutdown of the Colonial Pipeline by ransomware last spring and numerous attacks on hospitals. The Colonial Pipeline is a 5,500-mile pipeline from Texas to New York that transports just less than 50% of  the East Coast’s fuel supplies.

While finding exact funding numbers for the IoT security sector can be difficult, late last year saw some significant money go to those companies specializing in IoT security, and specifically operation technology—also called industrial security.

In late October, Hanover, Maryland-based Dragos raised a $200 million Series D at a valuation of $1.7 billion. The next month, Palo Alto, California-based Armis Security, an IoT and operation technology security provider, closed a $300 million private equity round—nine months after it raised $150 million—at a $3.4 billion valuation.

Finally, in December, New York-based Claroty closed a $400 million Series E co-led by new investor SoftBank Vision Fund 2, as well as existing investors Bessemer Venture Partners and Schneider Electric. The company had just raised a $140 million Series D in June.

While the sector has seen less fundraising this year, perhaps Ordr’s new round will reignite the cash flow into the space.

Illustration: Dom Guzman

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