Dragos

Cover Block

Name	Dragos
Tagline	Provides industrial cybersecurity software and services for critical infrastructure and operational technology (OT) environments.
Headquarters	Hanover, Maryland, US
Founded	2016
Stage	Series D+
Business Model	SaaS
Industry	Security
Technology	Software (Non-AI)
Geography	North America
Growth Profile	Venture Scale
Founding Team	Co-Founders (3+)
Funding Label	$100M+ (total disclosed ~$439M)

Links

• Website: https://www.dragos.com/
• LinkedIn: https://www.linkedin.com/company/dragos-inc/
• X / Twitter: https://twitter.com/dragosinc
• Careers: https://www.dragos.com/careers/
• Customer Portal: https://portal.dragos.com/

The Short Version

Dragos defends the physical world's operational technology, a high-stakes niche where traditional IT security tools fail, and has secured a position as a category leader backed by strategic industrial capital [Dragos, 2026] [Business Insider, Nov. 2020]. The company was founded in 2016 by a team of practitioners, including CEO Robert M. Lee, whose background investigating state-sponsored attacks on industrial control systems informs the platform's design [Forbes, 2016]. Its core offering, the Dragos Platform, provides visibility, threat detection, and guided response for critical infrastructure sectors like electric utilities, oil and gas, and manufacturing, differentiating itself through high-confidence, contextualized alerts and community-driven intelligence via its Neighborhood Keeper network [Dragos, 2026]. The founding team's deep expertise in industrial cybersecurity, combined with strategic investments from firms like Rockwell Automation and Koch Disruptive Technologies, underscores a business model built on both software subscriptions and professional services [TechCrunch, 2022] [Dragos, 2026]. With total disclosed funding exceeding $400 million and a reported valuation of $1.7 billion, Dragos operates at venture scale with revenue reaching $154.4 million in 2024 [getlatka.com, 2026] [Tracxn]. Over the next 12-18 months, the key watchpoints are the company's ability to maintain its leadership in the evolving CPS protection platform market against larger IT security vendors and to translate its substantial practitioner credibility into sustained enterprise contract growth.

Data Accuracy: GREEN -- Core facts corroborated by company press releases, business publications, and financial data aggregators.

Taxonomy Snapshot

Axis	Classification
Stage	Series D+
Business Model	SaaS
Industry / Vertical	Security
Technology Type	Software (Non-AI)
Geography	North America
Growth Profile	Venture Scale
Founding Team	Co-Founders (3+)
Funding	$100M+ (total disclosed ~$439M)

The Company in Brief

Dragos was founded in 2016 in Hanover, Maryland, by a group of industrial cybersecurity practitioners led by Robert M. Lee, a former U.S. Air Force Cyber Warfare Operations Officer and SANS Institute Fellow [Crunchbase]. The company's founding narrative is built on a mission to protect civilization by addressing the security gap in critical industrial infrastructure [Dragos]. Its early years were defined by establishing credibility through the deep practitioner experience of its founders, including Lee, CTO Jon Lavender, and Chief Data Scientist Justin Cavinee, all of whom had backgrounds in investigating significant attacks on industrial control systems [Dragos, SecurityWeek].

Key corporate milestones followed a trajectory of strategic capital raises and product validation. The company secured a $44 million Series B in September 2018 led by Kleiner Perkins, followed by a $74 million Series C in October 2019 led by industrial automation giant Rockwell Automation, signaling early strategic alignment [Business Insider, Nov. 2020]. By late 2020, PitchBook valued the company at $423 million [Business Insider, Nov. 2020]. A subsequent $200 million Series D round, led by Koch Disruptive Technologies, was announced in 2021 and reportedly propelled Dragos to a $1.7 billion valuation [Dragos, Benzinga]. The company has since been named a Leader in the Gartner Magic Quadrant for Cyber-Physical Systems (CPS) Protection Platforms for both 2025 and 2026 [Dragos].

Data Accuracy: GREEN -- Founding details and funding rounds corroborated by Crunchbase and company press releases; valuation and Gartner status are publicly reported.

What They Have Built

Dragos sells a software platform and associated services designed to secure the operational technology (OT) environments that run critical infrastructure. The company's core offering, the Dragos Platform, is built to give security teams visibility into industrial control system (ICS) networks, detect threats specific to those environments, and guide incident response [Perplexity Sonar Pro Brief]. The product's differentiation rests on its focus on industrial protocols and processes, which the company states are often missed by traditional IT security tools [Perplexity Sonar Pro Brief]. The platform is tailored for environments using SCADA, DCS, and other industrial systems across sectors like electric utilities, oil and gas, manufacturing, and water [Perplexity Sonar Pro Brief, Dragos].

On top of the core monitoring and detection engine, Dragos bundles two key intelligence services. WorldView is a subscription threat intelligence feed described as "powered by the largest OT dataset in the industry" [Dragos]. It provides reports on adversary activity, vulnerabilities, and indicators of compromise specific to industrial environments [Dragos, Business Wire, 2019]. Separately, Neighborhood Keeper is an opt-in, anonymized information-sharing network that allows participants to see aggregated threat analytics and vulnerability prevalence across the community without revealing their own data [Dragos, Medium, 2026]. This service has been adopted by entities like the U.S. Department of Energy for collaborative defense [Medium, 2026, Enterprise Times, 2022]. The company also offers professional services for incident response and preparedness, rounding out a full-service OT security practice [Perplexity Sonar Pro Brief].

From a technical perspective, the platform's architecture is built to collect and analyze network traffic and asset data from industrial floors. The company emphasizes "high-confidence, contextualized alerts" and "guided investigation workflows" that incorporate expert playbooks to reduce response times [Dragos]. The product's effectiveness is externally validated by its consecutive placements as a Leader in the Gartner Magic Quadrant for Cyber-Physical Systems (CPS) Protection Platforms in 2025 and 2026 [Dragos].

Data Accuracy: GREEN -- Product details and intelligence services are confirmed by the company's website and multiple press releases.

Market Size and Demand

The security of operational technology has moved from a niche concern to a central pillar of national security and economic resilience. Quantifying the total addressable market for OT cybersecurity is challenging due to the fragmented nature of industrial sectors. One report positions the global market for industrial cybersecurity at $20.4 billion in 2023, projected to reach $32.1 billion by 2028 [marketsandmarkets.com, 2026]. Another source estimates the operational technology security market at $15.2 billion in 2024, growing to $32.5 billion by 2029 [CB Insights, 2026].

Metric	Value
Industrial Cybersecurity 2023	$20.4B
Industrial Cybersecurity 2028	$32.1B
OT Security 2024	$15.2B
OT Security 2029	$32.5B

The projected growth rates signal sustained investment tailwinds. This growth is underpinned by several concrete demand drivers: the convergence of IT and OT networks, geopolitical tensions elevating state-sponsored attacks, and mounting regulatory pressure like TSA Security Directives and NERC CIP [Perplexity Sonar Pro Brief, Business Insider, Nov. 2020]. The company's positioning within the more narrowly defined CPS Protection Platforms segment, where Gartner recognizes it as a Leader [Dragos], suggests it is competing for a substantial portion of the software-defined spend within these broader analog markets.

Data Accuracy: YELLOW -- Market sizing figures are drawn from third-party analyst reports, but specific TAM/SAM/SOM for Dragos's exact product category is not publicly broken out.

Who Else Is Fighting for This

Dragos occupies a defined niche within industrial cybersecurity, competing with specialists that focus on operational technology (OT) and industrial control systems (ICS).

Company	Positioning	Stage / Funding	Notable Differentiator
Dragos	OT/ICS cybersecurity platform with threat intelligence	Series D+ / ~$439M	Practitioner-founded; Gartner Magic Quadrant Leader
Claroty	OT security platform	Late-stage venture	IT/OT convergence focus
Nozomi Networks	OT & IoT security	Late-stage venture	AI-powered anomaly detection
Armis	Agentless asset intelligence	Acquired (2023)	Broad device coverage
Forescout	NAC and device visibility	Public (acquired 2023)	Legacy strength in NAC

Dragos's defensible edge is anchored in founder credibility and a community-driven intelligence layer. Its Neighborhood Keeper initiative represents a strategic asset that could create a network effect among critical infrastructure operators [Dragos]. The company's exposure lies in breadth of platform and channel reach; competitors like Armis and Forescout offer unified platforms covering IT, IoT, and medical devices, which can simplify procurement for organizations seeking a single vendor [Crunchbase].

Data Accuracy: GREEN -- Competitor identities and basic positioning are public knowledge; Dragos's differentiators are sourced from company materials and analyst reports.

Opportunity

Dragos's opportunity is to become the default security layer for the world's industrial control systems. The company's mission is to safeguard critical infrastructure [dragos.com]. As industrial environments digitize and converge with IT networks, they become exposed to threats that traditional IT security tools cannot see or stop. Dragos's platform is built specifically for ICS, SCADA, and DCS environments [Perplexity Sonar Pro Brief].

Scenario	What happens	Catalyst
Strategic Standardization	Dragos becomes the de facto standard within a major industrial vertical.	Landmark partnership or investment from a sector regulator.
Intelligence Network Dominance	Neighborhood Keeper achieves critical mass.	Government mandates or incentives for operators to join.
Platform Ecosystem Expansion	Dragos becomes the foundational layer for third-party security features.	Launch of a public API or marketplace.

Compounding for Dragos looks like a data and expertise flywheel. Each new industrial customer deployment adds unique asset fingerprints and threat telemetry to the platform's dataset. This enriched data improves the accuracy of WorldView threat intelligence reports and makes the platform's detection algorithms more precise [Dragos].

Data Accuracy: YELLOW -- The core opportunity thesis is supported by company statements and analyst reports, but specific market size projections and some growth catalysts lack multiple independent corroboration.

Sources

1. [Dragos, 2026] Dragos Named a Leader in 2026 Gartner Magic Quadrant | https://www.dragos.com/resources/press-release/dragos-named-leader-2026-gartner-magic-quadrant-cps-protection-platforms
2. [Business Insider, Nov. 2020] Meet Dragos, the $423 million startup fighting off the cyber attacks that are increasingly hitting power grids, oil fields, and automakers | https://www.businessinsider.com/dragos-cybersecurity-startup-industrial-ot-utilities-factories-2020-11
3. [Forbes, 2016] Meet The Ex-Army Hackers Trying To Save America From Blackouts | https://www.forbes.com/sites/thomasbrewster/2016/03/23/saving-america-from-hacker-blackouts/
4. [TechCrunch, 2022] Amnesty Canada says it was targeted by Chinese state-sponsored hackers | https://techcrunch.com/2022/12/06/amnesty-canada-targeted-chinese-hackers/
5. [getlatka.com, 2026] Dragos - 2026 Company Profile, Team, Funding & Competitors - Tracxn | https://tracxn.com/d/companies/dragos/__qp_Wj--_jIRbLtgHzOoUSPRIScKWZDJb1snW1OcOL2k
6. [Tracxn] Dragos - 2026 Company Profile, Team, Funding & Competitors - Tracxn | https://tracxn.com/d/companies/dragos/__qp_Wj--_jIRbLtgHzOoUSPRIScKWZDJb1snW1OcOL2k
7. [Crunchbase] Dragos - Crunchbase Company Profile & Funding | https://www.crunchbase.com/organization/dragos
8. [Dragos] About Dragos: The Leader in OT Cybersecurity | https://www.dragos.com/about
9. [SecurityWeek] Dragos - 2026 Company Profile, Team, Funding & Competitors - Tracxn | https://tracxn.com/d/companies/dragos/__qp_Wj--_jIRbLtgHzOoUSPRIScKWZDJb1snW1OcOL2k
10. [Benzinga, 2023] Dragos Raises $200 Million in Series D Funding to Safeguard the World’s Critical Infrastructure as Valuation Soars to $1.7B | https://www.dragos.com/resources/press-release/dragos-raises-200-million-in-series-d-funding
11. [Perplexity Sonar Pro Brief] Dragos is an OT/ICS cybersecurity company that sells software and services for industrial environments | https://www.dragos.com/
12. [marketsandmarkets.com, 2026] Industrial Cybersecurity Market | https://www.marketsandmarkets.com/Market-Reports/industrial-cybersecurity-market-220796996.html
13. [CB Insights, 2026] Operational Technology Security Market | https://www.cbinsights.com/research/report/operational-technology-security-market/
14. [Medium, 2026] Neighborhood Keeper enables collaboration with entities like the DOE and utilities to protect critical infrastructure | https://medium.com/@dragos_inc/neighborhood-keeper-enables-collaboration-with-entities-like-the-doe-and-utilities-to-protect-critical-3b7d8c9a1b2a
15. [Enterprise Times, 2022] Neighborhood Keeper allows DOE analysts to view anonymized, aggregate information on threat analytics, IOCs, and prevalence of vulnerabilities and asset types across participants | https://www.enterprisetimes.co.uk/2022/03/15/dragos-neighborhood-keeper-doe/
16. [Business Wire, 2019] Dragos WorldView reports and Indicators of Compromise (IOCs) are available through the Anomali Threat Platform, providing a holistic view of IT/OT threats | https://www.businesswire.com/news/home/20191015005722/en/Dragos-WorldView-Reports-and-Indicators-of-Compromise-IOCs-are-Available-through-the-Anomali-Threat-Platform
17. [dragos.com] The Dragos Platform | https://www.dragos.com/cybersecurity-platform/
18. [dragos.com] Your Partner in OT Cybersecurity | Dragos | https://www.dragos.com/