Ordr has raised an additional $40 million through Series C funding to meet the growing need for organizations to understand, manage, and secure the growing number of connected devices in their environment, including Internet of Medical Things (IoMT), Internet of Things (IoT), and Operation Technology (OT).
Ordr addresses two key enterprise initiatives associated with a growing reliance on and adoption of connected devices: digital transformation and Zero Trust. 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.
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. Ordr has experienced more than 140% year-over-year growth in new customer revenue in its most recent quarter ending on March 31, 2022, is deployed in three of the world’s top six hospitals, and has been adopted across more than 150 manufacturing sites.
“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. This funding validates our best-in-class approach and solidifies our leadership in the market,” says Greg Murphy, Ordr CEO.
Ordr 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 $40 million 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. With this funding, Ordr has raised more than $90 million to date.
“Ordr has built a platform that not only solves an important market issue – the need to definitively understand and protect what is connecting to your organization’s network – but is truly scalable to keep pace with the speed of today’s businesses. We’ve worked with Ordr’s team and seen firsthand how well they’ve executed against aggressive goals. This additional funding will accelerate Ordr’s market leadership and success in the market,” says Dharmesh Thakker, general partner at Battery Ventures.
Since its last round of funding, Ordr has experienced tremendous growth, coinciding with an increased understanding of the organizational risk represented by unknown connected devices.
“Data privacy and security are imperative IT initiatives within the healthcare industry with connected device security in particular as a critical need given the increase in connected devices in health care facilities. Kaiser Permanente Ventures is pleased to continue its investment in Ordr as a key technology leader in this space, to help protect connected devices automatically, preemptively and at scale across the enterprise,” says Chris Stenzel, executive managing director, Kaiser Permanente Ventures.
Continuing the momentum of the past year, Ordr also strengthened its executive team with the addition of Paul Davis as the company’s new vice president of customer success. Paul has decades of experience in customer-facing roles at Axis Security, Splunk, Cisco, and other leading organizations. At Ordr, he will be responsible for managing customer relationships and ensuring the successful implementation and use of Ordr technology.
“In order to advance their digital transformation goals, every organization needs to enable the visibility and security of connected devices, including IoT, IoMT, and OT. Ordr is a much-needed innovator in the market, with the ability to not only deliver granular visibility into devices, risks, and behaviors, but also automate and enforce Zero Trust policies to secure these devices from attacks,” says Justin Stebbins, partner, Northgate Capital.