Ordr just announced the closing of our Series C round of investments, raising an additional $40 million dollars to support our growth and continuing R&D in the realm of securing internet-connected devices for the organizations that rely on them. Investors in the round include ongoing commitments from all our prior investors, including Battery Ventures, Ten Eleven Ventures, Wing Venture Capital, Unusual Ventures, Kaiser Permanente Ventures, and Mayo Clinic. We are delighted to add Northgate Capital as an Ordr investor and to have the support of industry leaders and notable Silicon Valley entrepreneurs René Bonvanie, former Chief Market Office of Palo Alto Networks; Dan Warmenhoven, former Chairman and CEO of NetApp; and Dominic Orr, former Chairman and CEO of Aruba Networks.
Since Ordr’s founding in 2015, our company has attracted more than $90 million in total investments. On behalf of the Ordr team, I want to thank all our investors for this strong vote of confidence in the organization and in our vision for the future of cybersecurity. While many companies have been sold or exited this market early, this funding gives us the ability to build a strong, stand-alone technology leader that will be here for our customers for years to come. I must also offer our gratitude to the hundreds of customers and partners who have trusted Ordr to protect their connected devices, patients, and businesses. We are inspired every day by your commitment and dedication to your mission. Your passion and input have made us a better company and today’s announcement would not be possible without you.
Finally, I want to recognize the tremendous Ordr team, from our founders, Pandian Gnanaprakasam and Sheausong Yang, to the amazing new colleagues who have joined us recently. This milestone reflects your passion, your empathy for our customers, and your dedication and confidence in our mission.
Our Vision, Our Journey
When we began our journey, it was estimated that there were about 3.5 billion internet of things (IoT) devices connected to public networks. Improvements and innovations in processing and network communications, artificial intelligence and machine learning, and automation presaged rapid growth for the technology. Today there are more than 35 billion connected devices in service, and projections suggest more than 75 billion will be deployed by 2025—more than twenty times the number since we started.
Every one of those devices is a potential attack vector, expanding the need for what Gartner now calls “cyber asset attack surface management,” or CAASM. Threat actors are adept at taking advantage of device vulnerabilities to gain a network foothold from which they can move laterally to disrupt operations and execute attacks. Their targets are often organizations in critical infrastructure industries like healthcare, manufacturing, energy, and government where there has been heavy adoption of IoT devices, including the internet of medical things (IoMT) and operational technologies (OT). In fact, Ordr is one of the few security vendors that address a myriad of security and device management use cases across Gartner-defined market categories ranging from medical device security and OT security, to CAASM, and network detection and response (NDR).
IoT Security as a Business Imperative, Strategic Priority
Securing the vast constellation of connected devices is not only a business imperative, but it has been recognized as having strategic importance for national security here in the U.S. and abroad. The Ordr platform is a vital component to achieving a Zero Trust security posture as recommended to protect economic interests. To meet the security needs of critical infrastructure and other industries, like financial services, retail, education, and biopharma research, where connected device adoption is building momentum, requires a tool like Ordr that is designed to address conditions unique to connected devices. Ordr’s “See. Know. Secure.” approach to connected device security finds devices wherever they are in the network, identifies each device and learns its operating pattern, then automatically applies and executes appropriate security policies to ensure that each device remains protected.
And Ordr’s approach to connected device security works. That’s why the Ordr platform enjoys wide adoption across critical infrastructure industries where we help protect three of the world’s six largest healthcare organizations, and are the connected device security tool-of-choice for more than 150 manufacturing sites. Ordr customers span the full spectrum of industry, and our technology’s excellence has driven a 140% increase in year-over-year new customer growth in our most recent quarter, ending March 31, 2022.
Looking to the Future of Connected Device Security
As we look to the future to further develop our product, attack the market, and execute against our business plan and goal of achieving continuous improvement in all aspects of our operations, we’re proud to have attracted such strong partners invested in our success and that have a stellar track record working with companies in hyper-growth, and that bring strong domain expertise to our leadership team. 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.
It is my privilege to serve as Ordr’s CEO and to play a role in an exciting future for the company, and am humbled to be surrounded by a team of professionals committed to our success and the security of our customers. If you want to be a part of that future, please check out our Careers page for opportunities to join the team. If you are a CISO, CIO, or other tech leader who recognizes that your company’s investments in connected devices are leaving you vulnerable, take a look at our technology and then reach out for more information or a demonstration. We’d love to hear from you.