Ordr, a cybersecurity system for IoT devices, has collected $40m in funding, as it scales to meet the rising use of connected devices.
The funding round was co-led by Battery Ventures and Ten Eleven Ventures. Contributions also came from Northgate Capital, Wing Venture Capital, Unusual Ventures, Kaiser Permanente Ventures and Mayo Clinic.
Funds from the round will be used to bolster its sales and marketing efforts, with a keen eye on the healthcare industry. Ordr is also planning to capitalise on the increasing demand from manufacturing and financial services, expand its channel and partnership programs and accelerate investments in customer success.
Ordr claims to address two prise initiatives associated with a growing reliance on and adoption of connected devices: digital transformation and Zero Trust. As companies adds device connections, their attack surface increases and so does the potential for a data breach or ransomware attack.
To help companies avoid this, Ordr provides accurate asset visibility, automates and enforces zero trust policies and accelerates incident response by hours, with insights into devices and risks. Its use cases include real-time asset inventory, zero-trust segmentation, NAC acceleration, threat detection and response, compliance, and more.
The CyberTech company has experienced a 140% growth year-over-year in customer revenue.
Ordr CEO Greg Murphy said, “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.”
With the close of the round, the company has raised a total of $90m in funding.
Last month, fellow IoT cybersecurity platform Phosphorus raised $38m in a Series A investment round.
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