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Claroty secures $100m for expansion of cybersecurity capabilities
Fri, 8th Mar 2024

Cyber-physical systems protection company Claroty has declared the establishment of $100 million in strategic growth financing. This monumental reinforcement comes from a number of sources, led by Delta-v Capital, and includes AB Private Credit Investors at AllianceBernstein, Standard Investments, Toshiba Digital Solutions, SE Ventures, Rockwell Automation, and Silicon Valley Bank, a division of First Citizens Bank.

This newly acquired funding supplements the existing $635 million Claroty has gathered thus far. It solidifies the company's leadership position in the all-important field of critical infrastructure cybersecurity.

Claroty's immediate plans for the additional financial injection involve escalating the reach and capabilities of its cybersecurity platform. Targeting key verticals such as public sectors and highly regulated critical infrastructure industries, it aims for expansion in burgeoning regions across Americas, EMEA, and Asia-Pacific. Further funds will be directed towards fuelling research and development of new technologies, like secure remote access, and intensify strategic partnerships, both new and existing.

Yaniv Vardi, CEO of Claroty, sees these substantial changes as a push towards progress, stating that "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." He acknowledged the necessity of an adept and technologically advanced platform and partner infrastructure to help critical infrastructure defenders to tackle 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," he added.

Claroty, which now works with 20% of the Fortune 100, has hit numerous noteworthy growth milestones, generating over $100 million in annual recurring revenue in 2023 and witnessing an impressive 300% growth in its customer base since 2020. It has setup strategic technology alliances with industry powerhouses such as CrowdStrike, ServiceNow, and AWS and included Managed Security Service Providers (MSSPs) like IBM, Rockwell Automation, Schneider Electric, NTT Data, and eSentire into its FOCUS Partner Program.

Dan Williams, Partner at Delta-v Capital, acknowledges the achievements and potential of Claroty, stating that "Claroty has demonstrated a unique ability to address critical infrastructure organisations' most pressing security needs and we believe its platform approach to CPS protection is strongly aligned with where the market is headed for years to come."

This sentiment is also shared by Lewis Leavitt, Director at AB Private Credit Investors, who emphasises the urgency of cybersecurity in an increasingly connected world. Meanwhile, Sameer Paul, Director of Silicon Valley Bank, expresses excitement to support Claroty on this growth journey.