Ordr secures $40 million additional funding, as demand for connected devices rises
Ordr announced this week that it has secured an additional US$40 million to meet the growing need for organizations to understand, manage, and secure the growing number of connected devices in their environment, including the Internet of Medical Things (IoMT), IoT, and operational technology (OT). Ordr addresses two key enterprise initiatives of digital transformation and zero trust, typically associated with a growing reliance on and adoption of connected devices. With this funding, Ordr has raised more than $90 million to date.
The cybersecurity startup company plans to use the Series C funding to accelerate its sales and marketing efforts, especially in vertical markets such as healthcare. The company will also look to further capitalize on steadily increasing demand from manufacturing and financial services, expand its channel and partnership programs, and accelerate investments in customer success.
The funding round was co-led by Battery Ventures and Ten Eleven Ventures, with participation from new investor Northgate Capital and continuing investors Wing Venture Capital, Unusual Ventures, Kaiser Permanente Ventures, and Mayo Clinic. Other investors in Ordr’s Series C include Silicon Valley entrepreneurs 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.
Located in Santa Clara, California, Ordr offers complete and accurate asset visibility, automates and enforces zero trust policies, and accelerates incident response by hours with insights into devices and risks. As a result, Ordr experienced more than 140 percent year-over-year growth in new customer revenue in its most recent quarter ending on Mar. 31, this year, and has been adopted across more than 150 manufacturing sites.
Each new device connection increases an organization’s attack surface, along with the potential for a breach or ransomware attack. In industries such as healthcare and manufacturing, a cyberattack impacting an IoT device can easily disrupt the entire business or become a life-threatening situation. For organizations to move quickly from ‘detection’ to ‘response’ requires insights into the compromised device, where it’s located, and what policies can be applied.
“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,” Greg Murphy, Ordr CEO, said in a media statement. “This funding validates our best-in-class approach and solidifies our leadership in the market,” he added.
Ordr also announced the addition of Paul Davis as the company’s new vice president of customer success, to strengthen the company’s executive team. At Ordr, he will be responsible for managing customer relationships and ensuring the implementation and use of the company’s technology.
In March, Ordr announced the availability of Ordr Clinical Defender which enables healthcare technology management (HTM) teams to more efficiently and accurately manage their connected medical devices.
Ordr Clinical Defender provides focused, actionable, and accurate HTM insights and workflows, so HTM and clinical engineering teams can automate real-time asset inventory without impacting device operations; address compliance by identifying missing, newly connected, or misplaced devices; mitigate risks by identifying devices with vulnerabilities and recalls; accelerate remediation efforts for devices with clinical risks; and save millions of dollars by optimizing device utilization.
Last August, Ordr highlighted the risks of vulnerable connected devices concurrent to when ransomware attacks are being reported on a daily basis in its annual report on the state of connected devices.
The Ordr funding comes at a time when organizations are forced to protect themselves from ransomware attacks that leverages IoT devices to deploy ransomware. Forescout Technologies’ Vedere Labs has provided details of a new attack approach called Ransomware for IoT or R4IoT, which covers next-generation ransomware that exploits IoT devices for initial access, targets IT devices to deploy ransomware and cryptominers, and leverages poor OT security practices to cause physical disruption to business operations.
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