Claroty, which develops security tech for industrial companies, raises $140M Series D, bringing its total raised to $235M, ahead of an IPO
'We are able to reverse-engineer OT protocols and use them thanks to help from Schneider Electric, Rockwell Automation, and Siemens.
Context & Ripple Effects
Claroty's funding arc has been steady compounding: the $32M stealth exit in 2016, the Temasek-led $60M Series B in 2018, and now a $140M Series D that triples total raised to $235M with an IPO explicitly on the horizon. The company's differentiation is protocol-level access to operational-technology networks, reverse-engineered with cooperation from Schneider Electric, Rockwell Automation, and Siemens — the very vendors whose equipment it monitors.
That cooperation is double-edged: Siemens is pushing Xcelerator as an industrial app store and expects its revenue to more than double by 2026, while Schneider Electric has agreed to buy industrial AI company Cognite for $3.1B and fold it into Aveva. Months after this round, Claroty went back for a Vision Fund 2-led $400M raise alongside the Medigate acquisition, and by 2024 was still private, raising a $100M pre-IPO round at ~$2.5B with $100M ARR — the IPO this round anticipated remained pending even into the 2026 Series F.
First-order effects
- Claroty gets the balance-sheet depth to scale OT protocol coverage across Schneider, Rockwell, and Siemens equipment estates ahead of a public listing.
Second-order effects
- Its OEM partners are simultaneously building proprietary software layers — Siemens' Xcelerator marketplace, Schneider's Cognite-Aveva combination — meaning Claroty's suppliers are becoming platform competitors for the same industrial software budget.
Third-order effects
- If 'ahead-of-IPO' rounds keep receding into further private raises, industrial cybersecurity consolidation favors late-stage privates with OEM entanglement over pure public-market exits, stretching the path between growth stage and listing.
The trend: Industrial OT-security vendors are accumulating ever-larger private rounds anchored to OEM partnerships while their planned IPOs slip repeatedly into future rounds.