O’Melveny Advises Ordr in US$40 Million Series C FundingJune 03, 2022
FOR IMMEDIATE RELEASE
SILICON VALLEY—June 3, 2022—O’Melveny advised Ordr, a connected device security company, in its US$40 million Series C funding round.
The transaction was announced on June 1.
Battery Ventures and Ten Eleven Ventures co-led the funding round with participation from new investor Northgate Capital and continuing investors Wing Venture Capital, Unusual Ventures, Kaiser Permanente Ventures, and Mayo Clinic.
With this funding, Ordr has raised more than US$90 million to date.
Based in Santa Clara, California, 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.
The O’Melveny team advising Ordr was led by partner and Silicon Valley Office Head Paul Sieben and included associate Amit Itai.
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Ordr issued the following announcement:
Ordr Secures $40 Million in Series C Funding to Answer Increased Demand for Connected Device Security
Rising Threat of Data Breaches and Ransomware Attacks Drives Need for Complete and Accurate Real-Time Information About Devices and Their Risks
Santa Clara, CA – June 1, 2022 – Ordr has raised an additional $40 million 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). The 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 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. As a result, Ordr 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 3 of the world’s top 6 hospitals, and has been adopted across more than 150 manufacturing sites.
“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,” said Dharmesh Thakker, general partner at Battery Ventures.
“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,” said 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, where the company has been named a market leader in the Healthcare IoT security industry by analyst firm KLAS Research for three consecutive years. 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.
“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,” said Justin Stebbins, partner, Northgate Capital.
“As an early investor in the company, I have witnessed Ordr’s impressive product evolution and growing traction within critical sectors, including healthcare, manufacturing, education, and extended enterprise IoT. They have developed one of the most scalable and technically robust platforms in the market, and some of the world’s leading organizations depend on it to fulfill important security needs and deliver business insights. The time is right to accelerate the company’s mission to be the leader in connected device security. We believe in their success and look forward to the next chapter.” said Alex Doll, Founder and Managing Partner of Ten Eleven 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. Some additional highlights since the last funding round include:
• Named a KLAS Research Healthcare IoT Security Market Leader for an unprecedented three years in a row.
• Named a Representative Vendor in the 2022 Gartner Market Guide for Medical Device Security Solutions for the second year in a row.
• Continued product innovation and market leadership in the healthcare industry with the launch of Clinical Defender, streamlining management of connected medical devices.
• Enhanced the company’s integrations with Cisco, making it even easier for Cisco customers to roll out Ordr across their network environments.
• Launched the Ransom-Aware Rapid Assessment to help companies quickly and accurately assess their ransomware risks.
• Successfully achieved SOC2 compliance to keep customer data secure.
“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,” said Chris Stenzel, executive managing director, Kaiser Permanente Ventures.
Continuing the momentum of the past year, Ordr today 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.