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Claroty Secures $100 Million in Strategic Growth Financing

March 2024 by Marc Jacob

Claroty announced it has secured $100 million in strategic growth financing. Participants include lead equity investor Delta-v Capital, as well as 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. Combined with Claroty’s existing $635 million in funding to date, this new financing further establishes the company’s leadership position in the critical infrastructure cybersecurity market.

The funds will be used to scale Claroty’s platform approach to cyber-physical systems (CPS) protection across key verticals including the public sector and heavily regulated critical infrastructure industries, expand in emerging regions across the Americas, EMEA, and Asia-Pacific, fuel research and development for core and adjacent technologies including secure remote access, and double down on new and existing strategic partnerships.

The financing comes shortly after a momentous year for Claroty, which now works with 20% of the Fortune 100. Recent growth milestones and industry accolades include:
• Revenue: Surpassed $100 million in annual recurring revenue (ARR) during 2023
• Customers: Achieved over 300% growth in number of customers since 2020
• Partners: Established strategic technology alliances with industry leaders such as CrowdStrike, ServiceNow, and AWS; added several Managed Security Service Providers (MSSPs) including IBM, Rockwell Automation, Schneider Electric, NTT Data, and eSentire to its FOCUS Partner Program
• Product Innovation: Enhanced its SaaS offerings with new vulnerability and risk management (VRM) capabilities, further empowering security teams to evaluate and strengthen their organization’s CPS risk posture
• Threat Research: Team82, Claroty’s award-winning research team, has discovered and disclosed over 550 CPS vulnerabilities to date
• Analyst Recognition: Named a leader or relevant vendor in numerous industry analyst reports, including:
o KLAS Research, Best in KLAS for Healthcare IoT Security, four years in a row
o Everest Group, Operational Technology (OT) Security Products PEAK Matrix® Assessment 2023 – Leader
o Westlands Advisory, 2023 IT/OT Network Protection Platforms Navigator™ – Leader
o Quadrant Knowledge Solutions, SPARK Matrix™: Operational Technology (OT) Security Q4 2023 – Leader
o Quadrant Knowledge Solutions, SPARK Matrix™: Connected Medical Device Security Solution, Q4 2023 – Leader
o Gartner®, 2023 Market Guide for CPS Protection Platforms – Representative Vendor1
o Forrester, The Operational Technology Security Solutions Landscape, Q1 2024 – Notable Vendor
• Awards: Named to the Deloitte Technology Fast 500 for three years in a row, the Forbes Cloud 100 for two years in a row, and the inaugural Fortune Cyber 60
• Leadership: Added considerable talent to its leadership team with the appointments of Derek Phillips as Chief Revenue Officer, Shira Bar Yosef (Weizman) as its first-ever Chief Customer Officer, and former U.S. National Cyber Director Chris Inglis and Amtrak CISO Jesse Whaley as advisory board members

“The lines between the digital and physical worlds are blurring, which means that cyber attacks and incidents are having more physical, real-world impacts such as power outages, fuel shortages, and disruptions to medical care,” said Dan Williams, Partner at Delta-v Capital. “Claroty has demonstrated a unique ability to address critical infrastructure organizations’ 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. We are excited to join such an important mission and look forward to supporting Claroty’s continued growth and success.”

“As our world becomes more digitally connected, cybersecurity becomes an increasingly urgent
priority, especially when critical infrastructure is involved,” said Lewis Leavitt, Director at AB
Private Credit Investors. “Claroty has proven that its talented leadership team, advanced
technology, and go-to-market strategy comprise the key ingredients for long-term growth, and
we are delighted to come aboard at such an exciting time in the company’s journey,” continued
Alex Barry, Managing Director at AB Private Credit Investors.

“The New York Corporate Banking team is excited to support Claroty with this new strategic growth financing,” said Sameer Paul, Director of Silicon Valley Bank. “We have witnessed the company’s impressive success and strong growth while providing critical needs for the cybersecurity market. The Claroty team shows true professionalism and are the type of strong operators SVB loves to support. We look forward to partnering with the company as they continue to grow and scale.”

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