The funding will help Ordr meet increasing demand from manufacturing and financial services. Here are the top-line bullets you need to know.
Ordr, a network-level IoT security device company, has raised $40M in a Series C. The round drew participation from Battery Ventures, Kaiser Permanente Ventures, Ten Eleven Ventures, and Northgate Capital, among others.
HOW’S THE COMPANY PERFORMING?
- California-based Ordr uses artificial intelligence (AI) and machine learning (ML) algorithms to autonomously identify, regulate, and protect local networks.
- The company experienced 140% year-over-year growth in new customer revenue in Q1’22.
- Ordr currently has 500+ customers, including federal, state, and local governments. It also caters to 3 of the world’s top 6 hospitals and over 150 manufacturing sites.
- The company launched “Clinical Defender” this past March, enabling healthcare technology management (HTM) teams to streamline the management of their connected medical devices.
- The startup is supported by a team of about 80 employees and is headquartered in Santa Clara, California.
Source: Ordr
WHY DOES THE MARKET MATTER?
- The global cybersecurity market is expected to reach a value of $478.7B by 2030, growing at a CAGR of 9.5%, according to Allied Market Research.
- The acceleration of digital trends has left companies more dependent on technology than ever, opening the door to more frequent and devastating cyber-attacks. The growing number of complex attacks and the need for secure networks in hybrid (online-offline) environments are fueling the market’s growth.
- Increased digitization amid the Covid-19 pandemic has also contributed to market growth.
