SANTA CLARA — Ordr, which helps companies secure connected devices, has closed a $27.5 million Series B funding round led by Battery Ventures, with additional participation from existing investors Wing Venture Capital, 1011 Ventures, and Unusual Ventures.
Battery Ventures General Partner Dharmesh Thakker will join the Ordr board of directors.
The explosion of Internet of Things (IoT) devices in the enterprise—spawned by companies’ broader drive toward digital transformation—has delivered many business benefits, but has also created new security vulnerabilities and a broader attack surface for potential bad actors. Gartner expects the total installed base of IoT devices across business spending centers to reach roughly 20.4 billion by 2020. What’s more, “twenty percent of organizations say they’ve held back from deploying IoT due to security concerns,” says Johna Till Johnson, CEO of Nemertes Research. “Yet Nemertes’ data shows that companies generate on average $2.5 million in new revenue, $1.25 million in saved costs, and 36% in business process improvement per successful IoT project—indicating that it’s worth the effort to surmount these security concerns.”
Founded in 2015, Ordr will use the new investment to expand its go-to-market activities worldwide, including growing its enterprise sales teams and recruiting top-tier partners. The company will also raise market awareness of its unique touchless approach to proactive protection within the enterprise, and to accelerate the ongoing development of the Ordr Systems Control Engine (SCE). Ordr’s technology fully maps every device across the enterprise, using machine learning to completely and continuously inspect and baseline the behavior of every connected device.
“It’s becoming increasingly critical that enterprise organizations properly protect network-connected devices, and the network itself, from potentially nefarious activity,” said Greg Murphy, CEO of Ordr. “For far too long, these organizations have been in a reactive mode, using tools that provide only basic visibility, responding to device vulnerabilities as they are discovered. In our view, enterprises must be proactive, ensuring that their most mission-critical assets and business functions are always protected.”
“The number of devices connecting to enterprise networks will increase exponentially in the coming years, posing a clear risk to critical assets,” said Battery’s Dharmesh Thakker. “We believe Ordr is uniquely positioned to protect these assets proactively, compared with other solutions that are more reactive and only identify problems after they happen. Ordr’s approach has been validated by its rapid adoption by leading enterprise organizations worldwide. We are excited to partner with the top-notch Ordr management team and assist with the company’s further growth and innovation.”