Ordr, the leader in security for enterprise IoT and unmanaged devices, today announced funding from Mayo Clinic and Kaiser Permanente Ventures. The additional funding comes after the company announced its Series B this past December. The company has now raised approximately $50 million. The additional investment validates the company’s strategy of delivering security software to organizations that are implementing preventative security programs for their enterprise IoT and unmanaged devices.
A recent Markets and Markets report identified that the global IoT security market is expected to grow from $8.2 billion in 2018 to $35.2 billion by 2023. New and dynamic cyber threats to critical infrastructure have become a reality causing enterprises across all industries to take a more real-time, proactive approach to securing IoT devices and other unmanaged devices that touch their networks.
According to IDC, health-related technology is projected to make up 40 percent of the IoT market during this year. Globally, 60 percent of healthcare organizations have already introduced IoT connected devices in their facilities. “The number of IoT devices is rapidly expanding across all industries and with it the potential for data breaches. It is critical for healthcare organizations to be proactive in securing such devices and the network on which they operate, to protect the patients who depend on them,” said Daniel van den Bergh, Principal at Kaiser Permanente Ventures. “Ordr has developed a powerful platform that leverages machine learning and behavioral analytics to protect IoT devices automatically, preemptively, and at scale across the enterprise.”
The Ordr solution has been adopted by enterprise organizations in multiple industries across the globe, driving nearly 1,000 percent growth in annual recurring revenue and a more than 400 percent increase in enterprise customers over the past 12 months. “We hear from organizations in all industries that they hardly know where to start in securing their IoT and other unmanaged devices,” said Greg Murphy, CEO of Ordr. “The first step is discovering and classifying all these connected devices and understanding how they communicate. Once the devices have been identified, the critical step is to create policies and proactively secure the network, without software agents. That is what is missing from the vast majority of IoT security solutions on the market today.”