Connected device cybersecurity platform startup Ordr Inc. today announced that it has raised $40 million in new funding to meet the growing need for organizations to understand, manage and secure the increasing number of connected devices in their environment.
Battery Ventures and Ten Eleven Ventures led the Series C round, with Northgate Capital, Wing Venture Capital, Unusual Ventures, Kaiser Permanente Ventures and Mayo Clinic also participating. Including the funding, the company has raised $94 million to date, including $6 million in March 2020 and $27.5 million in December 2019.
Founded in 2014, Ordr offers cybersecurity protection for connected devices across the “internet of medical things,” the “internet of things” and operational technology. Designed to see, know and secure every device, Ordr’s artificial intelligence-based control engine fully maps the device flow genome at a massive scale, using machine learning to continuously inspect, classify and baseline the behavior of every device, according to the company.
Ordr addresses two key enterprise initiatives associated with a growing reliance on and adoption of connected devices: digital transformation and zero-trust security. The company argues that each new device connection increases an organization’s attack surface and the potential for a breach or ransomware attack.
The company’s platform provides complete and accurate asset visibility, automates and enforces zero-trust policies and accelerates incident response by hours with insights into devices and risks. On the security side, the service provides threat and ransomware detection and response, including detecting known exploits, lateral movement and unusual device behavior.
As of its last quarter, Ordr has seen 140% year-over-year growth in new customer revenue and is now deployed with three of the six largest healthcare systems globally. The company’s platform is also in use across more than 150 manufacturing sites.
“We believe the connected device security market needs a strong, open and independent player that prioritizes customer success, focuses on time-to-value and integrates with all the key components of a customer’s security and network infrastructure,” Ordr Chief Executive Officer Greg Murphy said in a statement.
Along with meeting growing demand, Ordr intends to use the new funding to accelerate its sales and marketing efforts, especially in vertical markets such as healthcare. The company will also look to capitalize on steadily increasing demand from manufacturing and financial services, expand its channel and partnership programs and accelerate investments in customer success.