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Ordr Inc., raised $27.5 million in Series B funding round led by Battery Ventures, with further participation from existing investors 1011 Ventures, Wing Venture Capital, and Unusual Ventures.
Fremont, CA: A leader in proactive protection for the hyper-connected enterprise, Ordr Inc., raised $27.5 million in Series B funding round led by Battery Ventures, with further participation from existing investors 1011 Ventures, Wing Venture Capital, and Unusual Ventures.
The investment will promote Ordr's leadership position as an inventive and handy solution for regulating and securing every class of network-connected devices, giving companies the power to more effectively care for their environments. Battery Ventures' General Partner, Dharmesh Thakker, will join the Ordr board of directors soon.
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Though the sudden rise of Internet of Things (IoT) devices in the customer-oriented market by companies' broader drive to digital transformation-has delivered many positive results for businesses but has also created new security flaws and a greater surface for attack by unethical third parties. According to a report published by Gartner, the total installed base of IoT devices across business spending centers will reach roughly $20.4 billion by 2020. "Yet Nemertes' data show that companies generate on average $2.5 million in new revenue, $1.25 million in saved costs, and 36 percent in business process improvement per successful IoT project-indicating that it's worth the effort to surmount these security concerns," says Johna Till Johnson, CEO of Nemertes Research
"It's becoming increasingly critical that the enterprises 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."
Ordr will use the new finances to insistently expand its go-to-market activities worldwide, including increasing its enterprise sales teams and recruiting top-tier partners. The company will also improve market awareness of its unique touch-less approach to hands-on security within the enterprise, and to speed up the ongoing development of the Ordr Systems Control Engine (SCE). Ordr's technology completely maps every device across the enterprise, using machine learning to examine and baseline the performance of every connected device continuously.
Organizations from number of industries across the globe is adopting the Ordr solution, driving nearly 1,000 percent growth in annual recurring returns and a more than 400 percent rise in enterprise customers over the past 12 months.
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