Cybersecurity specialist Dragos has secured $110 million in its Series C funding round, representing nearly three times the capital raised during its previous funding two years prior.

Established in 2016, Dragos concentrates on the identification and mitigation of threats directed at industrial control systems (ICS). These systems are vital for the continuous operation of essential services like power generation, water treatment, and energy distribution, alongside other crucial infrastructure components. The company’s core offering, a threat detection platform, empowers organizations utilizing industrial control systems to defend themselves against malicious cyber activity targeting their operational systems. This platform effectively blocks attackers who could disrupt production processes or manipulate energy supplies, while the company’s research division monitors the actors capable of infiltrating these intricate and isolated industrial networks.

The current funding round was spearheaded by National Grid Partners and Koch Disruptive Technologies, each of which will be adding a representative to Dragos’ board of directors. Additional investors included Saudi Aramco Energy Ventures and Hewlett Packard Enterprise, alongside existing investors Allegis Cyber, Canaan Partners, DataTribe, Energy Impact Partners and Schweitzer Engineering Labs.

These new funds will be allocated to bolstering the company’s market presence, expanding its customer support team by 30 personnel, and strengthening its sales and marketing capabilities. According to Lee, the company’s initial focus was on refining its threat platform, with less emphasis placed on direct sales.

Approximately one-third of Dragos’ workforce is dedicated to software engineering, focused on the ongoing development of its threat detection platform.

Dragos founder and CEO Robert Lee noted that the global shift to remote work spurred by the pandemic served as a critical realization for organizations responsible for essential infrastructure.

He emphasized, “When dealing with critical infrastructure and public utilities, prioritizing robust technology is paramount.”

While many organizations were already undergoing digital transformation, Lee observed that the pandemic highlighted a common underinvestment in ICS security measures.

Lee explained that the U.K.’s departure from the European Union necessitates a dedicated U.K. office, preventing it from serving as a hub for the EU, but underscored the importance of establishing a presence “where the challenges exist.”

Saudi Arabia, a major global oil and gas producer, represents another key region for Dragos, evidenced by both an existing office and recent investment. Saudi oil and gas facilities have been targets of cyberattacks, including the 2017 Trisis malware incident that caused a shutdown at a major petrochemical plant. Despite international concerns regarding the country’s human rights record, Lee affirmed the company’s commitment to protecting civilian infrastructure and its active rejection of military contracts that would conflict with its values. He stated, “I want to be unequivocal about that commitment.”

Robert Lee shared with TechCrunch that the company has experienced substantial growth since its inception four years ago.

“Our intention has never been to be acquired,” he stated. Reiterating previous statements, Lee confirmed that the company’s strategy is to continue expanding and investing in addressing the challenges Dragos identifies, with a long-term objective of becoming a publicly traded company. “However, we are not operating under any time constraints,” he added.

“The true measure of Dragos’ success won’t be a successful IPO,” Lee concluded. “It will be having established and expanded the market to a point where other companies can emerge, serving more specialized segments of the ICS market and fostering a stronger community, ultimately enhancing the security of our infrastructure.”