New York-based industrial cybersecurity company Claroty announced Thursday the opening of a regional headquarters office in Singapore, further establishing its presence in the Asia-Pacific region.
The office opening comes shortly after Claroty’s $140 million Series D fundraise, which included participation from Temasek, Singapore’s state investor.
The company raised the round in order to meet rapidly accelerating global demand for The Claroty Platform’s visibility, threat detection, risk, and vulnerability management, and secure remote access capabilities by expanding into new regions and verticals.
Under the leadership of Eddie Stefanescu, general manager of Asia-Pacific and Japan (APJ) at Claroty, the company is experiencing hyper-growth in the region, having doubled its client base and achieving 250 percent growth in revenue year-over-year from the first half (1H) of 2020 to 1H 2021, Claroty said in a statement.
The company has also tripled its headcount in the region over the past year, with hiring occurring across seven countries.
“With most of the region working remotely, demand for digital services in APJ is growing, and with digitalization comes inherent risk. In the industrial world, that risk is particularly high as previously isolated operational technology (OT) networks become more integrated with information technology (IT) networks, and thus exposed to a whole host of cyber threats they were not designed to face,” said Yaniv Vardi, Chief Executive Officer of Claroty.
“Our expansion in APJ is a reflection of this growing demand as well as the success we’ve achieved to date in the region, and we look forward to working with our strong ecosystem of partners to continue building upon this success,” he said.
Spending on OT cybersecurity in the region is increasing as large-scale cyber incidents impacting critical industrial operations have become more pronounced. Such incidents have also made regulators aware that they need to prioritize the security of critical national infrastructure, whether publicly or privately held.
Thus regional agencies are assessing how they will mandate that incident-reporting procedures and cybersecurity practices be installed and required of companies that operate in certain sectors, especially those in energy, oil and gas, transportation, finance, healthcare, and food and beverage. Claroty’s remit with existing customers in the region has significantly expanded, as their industrial cybersecurity programs continue to mature.
“It takes specialist knowledge and experience to effectively implement cybersecurity for OT networks, and what differentiates Claroty is the depth of visibility we have into those networks when our platform is implemented,” said Stefanescu.
“That’s why public and private entities, including Coca-Cola EuroPacific Partners (Australia, Pacific, Indonesia), BHP, IRPC Public Company Limited, and Aboitiz Power, are investing in Claroty,” he added.
According to Stefanescu, Across Australia and Asia, Claroty is a strong partner for companies in the oil and gas, utilities, manufacturing, water, and electrical power industries, but our customer base is broadening.
“In the past year, we have also experienced strong growth in the food and beverage sector, and in the pharmaceutical sector for the distribution of Covid-19 vaccines,” he said.
According to Vardi, the company secures every connected device within the four walls of an industrial site, including OT, Internet of Things (IoT), and Industrial Internet of Things (IIoT) assets.
Stefanescu also said throughout the pandemic, with increasing remote connections, the group expanded its capabilities to help its customers secure their IoT devices within the bounds of the industrial environment.
“Temasek invested in Claroty because the team understands critical infrastructure cybersecurity better than anyone in the industry. We are delighted to see the company expand its presence in APJ, as the largest enterprises in the region – and the world – continue to rapidly adopt The Claroty Platform to protect their operational and production environments,” said Rashmy Chatterjee, Chief Executive Officer of Temasek’s cybersecurity platform ISTARI and Claroty board member.
Backed and adopted by leading industrial automation vendors, Claroty grew its partner base in the region by 70 percent over the past year, with partners including KPMG, Yokogawa Engineering Asia, Tesserent, SiS International Limited, and Inflow Technologies.
Claroty is the industrial cybersecurity company headquartered in New York City and has a presence in Europe, Asia-Pacific, and Latin America, and deployments on all seven continents.
Trusted by the world’s largest enterprises, it helps customers reveal, protect, and manage their OT, IoT, and IIoT assets. The company’s comprehensive platform connects seamlessly with customers’ existing infrastructure and programs while providing a full range of industrial cybersecurity controls for visibility, threat detection, risk, and vulnerability management, and secure remote access—all with a significantly reduced total cost of ownership.
Claroty is backed and adopted by leading industrial automation vendors, with an expansive partner ecosystem and award-winning research team.
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