Ordr raises $40M to monitor enterprise IoT connected device security
California-based Ordr, a startup that says it address enterprise problems with IoT connected devices, has announced an additional $40 million to the bring the total raised amount to more than $90 million to date.
The Series C funding round was co-led by Battery Ventures and Ten Eleven Ventures, along with the participation from Northgate Capital. Several existing investors also took part in the financing round, including Wing Venture Capital, Unusual Ventures, Kaiser Permanente Ventures, and Mayo Clinic.
The startup aims to address two enterprise problems with growing IoT connected devices– digital transformation and Zero Trust. Each new connection increases the possibility of cyberattacks on the IoT connected devices. Especially with healthcare and manufacturing industries, these cyberattacks can be life threatening and can cost million of dollars to the organization. Ordr says it provides asset visibility, automates and implements Zero Trust policies while accelerating the response time to provide detailed insights into each connected devices and risks associated.
“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. This funding validates our best-in-class approach and solidifies our leadership in the market,” said Greg Murphy, CEO of Ordr.
Ordr has witnessed a growth of 140% year-over-year growth in new customer revenue, counting three of the world’s top six hospitals as customers. The security solution is also being adopted in more than 150 manufacturing sites across the globe, executives say. This had led to several angel investors and Silicon Valley entrepreneurs to take part in the recent Series C funding round, with contribution from René Bonvanie, former CMO of Palo Alto Networks, Dan Warmenhoven, former chairman and CEO of NetApp, and Dominic Orr, former chairman and CEO of Aruba Networks.
The funding will go to marketing and sales efforts targeted at vertical markets such as healthcare, manufacturing industries, and financial services. The company also announced a new appointment to its executive team with the addition of Paul Davis as new vice president of customer success will help Ordr to bring in new customers across wide range of industries. Paul Davis has decades of experience in customer-facing roles at Axis Security, Splunk, Cisco, and several other orgnaizations.
“Ordr is a much-needed innovator in the market, with the ability to not only deliver granular visibility into devices, risks, and behaviors, but also automate and enforce Zero Trust policies to secure these devices from attacks,” said Justin Stebbins, partner at Northgate Capital.
Article Topics
edge security | healthcare | IoT | Kaiser | manufacturing | Mayo Clinic | Ordr | Zero Trust
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