Claroty Overview
Claroty is a pure-play cyber-physical systems (CPS) protection company. It secures the machines that run factories, power grids, hospitals, buildings, data centres and government facilities, including the semiconductor fabs and fab-equipment supply chain where its asset-visibility and threat-detection tools support compliance with the SEMI E187 and E188 fab cybersecurity standards. Its platform has two delivery models: the SaaS Claroty xDome and the on-premise Continuous Threat Detection (CTD). It covers asset inventory, exposure management, network protection, secure remote access and threat detection across industrial OT, medical devices (IoMT), building management systems and enterprise IoT. Claroty was founded inside Team8 and is backed by Rockwell Automation, Schneider Electric and Siemens. It has been named a Leader in Gartner's Magic Quadrant for CPS Protection Platforms in both 2025 and 2026. Rival independents have now been absorbed by strategic acquirers: Armis by ServiceNow, Nozomi Networks by Mitsubishi Electric, and Dragos by Accenture. That leaves Claroty as the largest independent, vendor-neutral CPS security specialist and a prominent IPO candidate in industrial cybersecurity.
What the company does. Claroty sells software that discovers, classifies and protects connected physical assets. Its customers include programmable logic controllers, distributed control systems, SCADA servers, robotics, process tools, infusion pumps, imaging systems, HVAC and power-distribution equipment, building controllers and IP cameras. These are devices that conventional IT security tools such as endpoint agents and IT vulnerability scanners either cannot see or cannot safely touch. The platform passively monitors industrial and medical network traffic, queries devices safely in their native protocols, and connects to existing data sources such as historians, configuration databases and OEM management systems. From that it builds a high-fidelity inventory. It then layers on vulnerability and exposure scoring, network segmentation policy, anomaly and threat detection, and privileged, auditable remote access for employees and third-party vendors.
Company self-description. Claroty describes itself as "the cyber-physical systems (CPS) protection company." Its corporate boilerplate says it empowers organisations to protect the mission-critical infrastructure that underpins modern life. It positions The Claroty Platform as a single source of operational truth delivered through five core solutions: asset inventory, exposure management, network protection, secure access and threat detection. These are available in the cloud through Claroty xDome or on-premise through Claroty Continuous Threat Detection (CTD).
Independent characterisation. Claroty is a vertical security software vendor whose economic moat rests on three assets:
Protocol coverage: The company cites coverage of more than 450 XIoT protocols.
Data scale: According to company statements at the Claire launch in May 2026, the platform covers about 6,500 OEMs and more than 20,000 sites across 50-plus sectors in more than 60 countries.
Channel relationships: It has deep ties with the industrial automation OEMs that are also its shareholders.
It is in effect a horizontal CPS platform sold into several verticals: industrial manufacturing, energy and utilities, healthcare, commercial real estate and data centres, and the public sector.
Revenue model. The company does not publish a revenue mix. Its reported operating metric is annual recurring revenue, which means the bulk of revenue is recurring subscription (xDome SaaS) and term or subscription licensing (CTD on-premise), with professional services and hardware sensors as smaller elements. Pricing is typically based on monitored assets, sites or sensors. A material share of sales goes through OEMs (Rockwell Automation, Schneider Electric, Siemens), distributors (TD SYNNEX, Exclusive Networks, Westcon-Comstor, Carahsoft, Vertosoft, Inflow Technologies) and managed security service providers (IBM, NTT Data, eSentire, Rockwell Automation). The company has not disclosed the exact split.
Value-chain position. Claroty sits between the asset owner's IT security stack (SIEM, SOAR, firewalls, NAC, ITSM) and the operational layer (OEM controllers, medical devices, building systems). Its role is to enrich the security stack with asset and risk context and to enforce policy through partner integrations, rather than to replace IT security tools.
Customer types and end-markets.
- Industrial manufacturing (including semiconductors, automotive, pharmaceuticals, food and beverage) — Typical customers: Global manufacturers, semiconductor fabs and equipment makers; Primary use cases: OT asset inventory, vulnerability management, segmentation, SEMI E187/E188 and IEC 62443 compliance, vendor remote access
Energy, utilities, oil and gas: Typical customers: Power generators, transmission and distribution operators, water utilities, refiners; Primary use cases: NERC CIP and TSA directive compliance, threat detection, remote access governance
Healthcare: Typical customers: Hospital systems, integrated delivery networks; Primary use cases: IoMT inventory, clinical device risk, segmentation, utilisation analytics
Commercial and data centres: Typical customers: Real-estate operators, colocation and hyperscale data-centre operators; Primary use cases: Building management system and power/cooling device security
Public sector: Typical customers: U.S. federal, state and local agencies, defence and intelligence installations; Primary use cases: FISMA, CDM, CJIS and FedRAMP-aligned CPS protection
The company has said it works with 20% of the Fortune 100 (2023–2024 disclosures).
Strategy
Stated strategy themes. Management messaging from 2025–2026 centres on five themes:
Category leadership: Being "the CPS protection company," with a single platform across industrial, healthcare, commercial and public sector environments.
Moving from visibility to risk reduction: Shifting the conversation from asset inventory to exposure management and measurable risk reduction ("impact-centric exposure remediation").
CPS-native AI: Embedding domain-specific AI throughout the platform: the CPS Library, AI dashboards, the xDome MCP server and the Claire agent.
Ecosystem enforcement: Enforcing segmentation and response through partners rather than proprietary appliances, via the Claroty Technology Alliances Program.
Disciplined growth: CEO Yaniv Vardi has emphasised predictability, efficient growth and forecasting discipline as prerequisites for a listing.
Strategic initiatives, last 24 months
Series F capital raise: Date: Jan 2026; Description: USD 150 million primary plus up to USD 50 million secondary to fund organic expansion and acquisitions
Federal hardening of CTD: Date: Jan 2026; Description: FISMA support and STIG-hardened configuration controls; Mission IT partnership for intelligence-community entry; SealingTech (Parsons) integration
Visibility Orchestration: Date: Apr 2026; Description: Turns incomplete asset data into prioritised actions
Claire AI agent: Date: May 2026; Description: CPS-native agentic AI layer
Microsegmentation alliances: Date: Jul 2026; Description: Akamai, ColorTokens, Corsha, Elisity and Zero Networks join CTAP
Attack-path validation: Date: Jul 2026; Description: Frenos partnership for simulated OT attack validation
Claroty Public Sector LLC: Date: Aug 2026; Description: Independent FOCI-mitigated subsidiary; FedRAMP High pursuit for xDome for Government; DLA eMASS ATO cited
Data-centre CPS push: Date: 2026; Description: Team82 research on data-centre power and cooling equipment; data centres named as a target vertical
International channel: Date: 2025–2026; Description: Westcon-Comstor (ASEAN), Ignition Technology (UK and Ireland), PwC India alliance
Medium-term targets. Management has not published numerical financial guidance. It has said publicly that IPO timing will depend on ARR scale, profitability and platform differentiation. Market commentary at the Series F put the practical revenue threshold for a U.S. listing at about USD 500 million.
Products & Services
Semiconductor relevance. For semiconductor fabs, Claroty positions xDome and CTD around SEMI E187 (Specification for Cybersecurity of Fab Equipment, published January 2022 and given a major revision with tiered security levels in 2026) and SEMI E188 (malware-free equipment integration). The platform's tool-level asset inventory, vulnerability mapping, segmentation of tool networks and governed vendor remote access map directly onto those standards' requirements for equipment hardening, network security, endpoint protection and security monitoring.
Product Portfolio
| Product / offering | Description and key capabilities | Target customer | Launch / latest version | Pricing model |
|---|---|---|---|---|
The Claroty Platform | Umbrella platform delivering asset inventory, exposure management, network protection, secure access and threat detection | All CPS asset owners | Continuously updated; Gartner MQ Leader 2025 and 2026 | Subscription / term licence (not publicly disclosed) |
Claroty xDome | SaaS CPS protection: passive and active asset discovery, CPS-ID device fingerprinting, vulnerability and KEV mapping, exposure scenarios for risk scoring, network zoning and policy generation, AI-generated dashboards and reports; healthcare, industrial and commercial variants | Enterprises preferring cloud delivery | Launched 2022; Visibility Orchestration added April 2026 | SaaS subscription, typically per asset or site |
Claroty xDome for Healthcare | Medical device inventory, clinical risk scoring, segmentation, utilisation analytics, integrations with CMMS, NAC and EHR-adjacent systems | Hospitals and health systems | Medigate heritage (acquired 2022); Best in KLAS Top Performer 2026 | SaaS subscription |
Claroty Continuous Threat Detection (CTD) | On-premise OT asset visibility, deep packet inspection across industrial protocols, anomaly and signature threat detection, vulnerability management; FISMA support and STIG-hardened configuration management added January 2026 | Air-gapped, regulated and defence environments | Long-standing flagship; FISMA/STIG enhancements 2026 | On-premise licence / subscription |
Claroty xDome Secure Access (formerly Secure Remote Access, SRA) | Zero-trust, policy-based, recorded and auditable remote access for employees and third-party vendors into OT, without VPN exposure | Plants with heavy OEM and vendor maintenance | Representative Vendor, Gartner Market Guide for CPS Secure Remote Access, 2026 | Subscription |
Claroty Edge | Lightweight, agentless asset-discovery utility that queries devices in native protocols to produce rapid inventories without permanent sensors | Fast deployments, brownfield sites | Enhanced asset discovery 2025–2026 | Bundled / subscription |
Visibility Orchestration (xDome) | Combines partial asset data from multiple sources into prioritised security actions | Large multi-site estates | Launched April 14, 2026 | Included in xDome tiers |
CPS Library | AI-powered catalog of CPS device models, firmware and risk attributes | xDome customers | January 2026 | Included |
xDome MCP server | Model Context Protocol interface that exposes xDome data to AI agents and tools | Security teams building AI workflows | 2,026 | Included |
Claroty Claire | CPS-native AI security agent built on CPS domain-specific language models trained on more than a decade of data, the CPS Library and Team82 research; contextual exposure insights, regulatory and patch-level mapping, agentic orchestration of remediation | SOCs and site engineers | Launched May 28, 2026 | — |
xDome for Government | Government-hosted xDome instance pursuing FedRAMP High authorisation | U.S. federal agencies | FedRAMP High process announced August 2026 | Government contract vehicles (Carahsoft, NASPO ValuePoint) |
Team82 threat intelligence | Vulnerability disclosures (400+ cited by the company), threat research, detection content | All customers | Research arm since 2021 | Included in platform |
Professional and managed services | Deployment, health checks, MSSP-delivered monitoring through partners | All customers | Ongoing | Services fees / via MSSPs |
“—” = not publicly disclosed.
Financial Narrative
Claroty does not publish audited financial statements. Revenue, gross profit, operating income, EBITDA, net income, EPS, balance-sheet items, cash-flow items and the derived ratios (ROE, ROA, ROIC, leverage, coverage, cash conversion) are not publicly disclosed. The disclosed metrics are ARR milestones, capital raised, private valuations and headcount.
Annual recurring revenue
The 2023 figure is a threshold: the company said ARR exceeded USD 100 million during 2023. The 2026 figure is the Globes estimate of ARR above USD 200 million at the time of the Series F. On those two points ARR roughly doubled over about two and a half years, implying a compound growth rate of roughly 30–35% a year. The company has not confirmed the 2026 figure. In 2024 the analyst firm IT-Harvest estimated trailing-twelve-month revenue of about USD 110 million, or roughly USD 210,000 per employee.
Cumulative capital raised
The 2026 total includes the up-to-USD 50 million secondary component of the Series F. CB Insights tallies USD 882 million across ten rounds.
Private valuation history (reported)
Funding rounds
Financial commentary.
Growth: Claroty's growth has slowed from the hyper-growth of 2021–2022, when the company said its customer count grew 300%, to a more measured rate consistent with a USD 200 million-scale vertical SaaS business.
Capital use: The entire USD 400 million Series E was used to acquire Medigate, so the 2021 round expanded the addressable market without strengthening the balance sheet.
Funding gap and valuation: The 22-month gap between the March 2024 and January 2026 raises, and the modest valuation step-up from USD 2.5 billion to about USD 3 billion, reflect the delayed IPO window. The secondary tranche was designed to compensate employees for the delayed liquidity event.
Revenue multiple: At about USD 3 billion against about USD 200 million of ARR, the implied multiple is about 15x. That compares with about 25x implied at the 2024 round on USD 100 million-plus ARR, showing multiple compression even as the valuation rose.
Profitability: CEO Yaniv Vardi has said the company is optimising for "financial runway to either profitability or an IPO." That signals it is not yet profitable on a GAAP basis, though the extent of losses is not publicly disclosed.
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Business Line / Unit Details
| Business line / unit | What it contains | Key products | Notes |
|---|---|---|---|
Industrial (OT) | Manufacturing, energy, utilities, oil and gas, chemicals, semiconductors, transportation | Claroty xDome (industrial), Continuous Threat Detection (CTD), Secure Remote Access (now xDome Secure Access), Claroty Edge | Original core business since 2014 |
Healthcare (IoMT) | Hospitals and health systems | Claroty xDome for Healthcare (formerly Medigate by Claroty) | Built on Medigate, acquired January 2022 |
Commercial / building management and data centres | Real estate, campuses, data-centre power and cooling | Claroty xDome (commercial) | Expanded focus in 2025–2026, with Team82 research on BMS and data-centre CPS |
Public sector | U.S. federal, state, local, defence and intelligence | xDome for Government (FedRAMP High in process), CTD with FISMA/STIG-hardened controls | Housed in Claroty Public Sector LLC (Arlington, VA) since August 2026 |
Team82 research | Threat intelligence and vulnerability research | Feeds detection content, the CPS Library and Claire | Led by CTO Amir Preminger |
Financial Analysis
| Metric | 2023 | 2026 |
|---|---|---|
ARR, USD Mn (2023 company disclosure; 2026 Globes estimate) | 100 | 200 |
Key Financials
| Metric | 2016 | 2018 | 2021 | 2024 | 2026 |
|---|---|---|---|---|---|
Cumulative funding, USD Mn | 32 | 93 | 635 | 735 | 900 |
Key Financials (Jun-2021–Jan-2026)
| Metric | Jun-2021 | Dec-2021 | Mar-2024 | Jan-2026 |
|---|---|---|---|---|
Valuation, USD Mn | 1,000 | 2,000 | 2,500 | 3,000 |
Round Details
| Round | Date | Amount (USD Mn) | Lead / key investors | Reported valuation (USD Mn) |
|---|---|---|---|---|
Series A | Sep 2016 | 32 | Bessemer, Innovation Endeavors, Team8 | — |
Series B | Jun 2018 | 60 | Temasek, Rockwell Automation, Next47 (Siemens), Aster Capital (Schneider Electric) | — |
Series D | Jun 2021 | 140 | Bessemer, 40 North (Standard Industries) | 1,000 |
Series E | Dec 2021 | 400 | SoftBank Vision Fund 2, Bessemer, Schneider Electric; ISTARI, Standard Investments, Team8 | 2,000 |
Growth round | Mar 2024 | 100 | Delta-v Capital and existing investors | 2,500 |
Series F | Jan 2026 | 150 primary + up to 50 secondary | Golub Growth (Golub Capital) and existing investors | 3,000 |
“—” = not publicly disclosed.
Capital Markets Data and Financial Ratios (x)
| Metric | Jun-2021 | Dec-2021 | Mar-2024 | Jan-2026 |
|---|---|---|---|---|
Valuation (USD Mn) | 1,000 | 2,000 | 2,500 | 3,000 |
ARR multiple implied (x) | 10 | 20 | 25 | 15 |
Transaction Details
| Transaction | Date | Value (USD Mn) | Scale metric (USD Mn) | Implied multiple (x) |
|---|---|---|---|---|
Accenture / Dragos + runZero + NetRise | Jun 2026 | 4,175 | 208 ARR | 20 |
Mitsubishi Electric / Nozomi Networks | Sep 2025 – Jan 2026 | 1,000 | 101.7 revenue (FY2025) | 10 |
Claroty Series F | Jan 2026 | 3,000 | 200 ARR (estimated) | 15 |
Analyst Conclusions
Management guidance. No numerical guidance has been issued. Management's stated priorities are global expansion through organic and inorganic growth, AI leadership in CPS, building out the U.S. public sector business, and reaching IPO-grade predictability and profitability.
Consensus expectations. There is no sell-side consensus. Golub Growth's investment thesis, as reported, assumes continued growth beyond the USD 200 million ARR level in the coming years.
Bull case
-
Last independent standing. With Armis, Dragos and Nozomi absorbed by ServiceNow, Accenture and Mitsubishi Electric, multi-vendor asset owners and OEMs that want neutrality have one obvious scale choice. That supports win rates and strategic-buyer interest, given the USD 7.75 billion Armis precedent.
-
Multiple growth vectors. The public sector (FedRAMP High, CJIS, intelligence-community ATOs), data centres (Team82's 2026 research) and semiconductor fabs (the 2026 SEMI E187 revision) are each new, regulation-driven demand pools layered on the industrial and healthcare core.
-
Product momentum. Consecutive Gartner MQ Leader recognition, the Forrester OT Wave Leader position, the most Peer Insights reviews in the category, and the Claire/MCP AI roadmap indicate that product differentiation is holding.
Bear case
-
Scale gap for an IPO. At an estimated USD 200 million of ARR against a practical listing threshold of about USD 500 million, a listing may be several years away at 30% growth, while private valuation marks compress.
-
Outspent by acquirers. ServiceNow, Accenture and Mitsubishi Electric can bundle CPS security into much larger contracts and cross-sell into existing relationships.
-
Profitability is unproven. The company has not disclosed when it will break even, whereas Nozomi says it reached break-even and sustained cash flow before its sale.
Key catalysts and monitorables (next 12 months)
FedRAMP High authorisation for xDome for Government: What to watch: Conversion from "In Process" to authorised
ARR disclosure: What to watch: Any company confirmation of USD 200 million-plus ARR or of the growth rate
M&A: What to watch: First acquisition since Medigate, in microsegmentation, public sector or data centres
Claire adoption: What to watch: Customer uptake and monetisation of agentic AI
Competitor integration: What to watch: Product roadmaps and neutrality at Armis (ServiceNow), Dragos (Accenture) and Nozomi (Mitsubishi Electric)
IPO or strategic process: What to watch: Underwriter mandates, or approaches from platform or OEM buyers
Semiconductor demand: What to watch: Fab customer wins tied to the SEMI E187 revision and new U.S., Japanese and European fabs
Leadership stability: What to watch: Continuity after the 2026 CRO and partner-leadership changes
Analyst verdict. Claroty is a durable vertical security franchise. It has a credible claim to category leadership in cyber-physical systems protection and a strategic position strengthened, perhaps unexpectedly, by its rivals' consolidation. Over roughly a decade it has turned an industrial OT visibility tool into a multi-vertical platform spanning manufacturing (including semiconductor fabs and fab equipment), energy, healthcare, commercial buildings, data centres and the U.S. public sector. Analyst recognition, customer satisfaction and an expanding partner ecosystem support that platform. The January 2026 Series F at about USD 3 billion, with ARR estimated above USD 200 million, values the company at roughly 15x ARR. That is a reasonable mark between the Nozomi and Dragos transaction multiples, and it reflects investor confidence tempered by a deferred IPO.
The investment case turns on execution in three areas. First, Claroty must keep growing at about 30% while showing a path to profitability, which management itself has framed as a precondition for listing. Second, it must convert its 2026 public sector build-out (the FOCI-mitigated subsidiary, FedRAMP High, CJIS and defence ATOs) into material federal revenue. Third, it must defend its installed base against bundled offers from ServiceNow, Accenture, Mitsubishi Electric and the large network-security platforms.
The company's neutrality, its OEM shareholders and its Team82 research engine are real advantages. Its smaller balance sheet and dependence on private capital are real constraints. Barring a strategic sale, the most likely path is two to three more years of private growth, selective tuck-in acquisitions and a listing once revenue nears the USD 400–500 million range. A strategic acquisition by a platform, OEM or consultancy buyer remains a credible alternative outcome, given the 2025–2026 precedents. On balance, Claroty is the best-positioned independent CPS security asset in the market, with upside tied to public sector and AI execution and downside tied to competitive bundling and the timing of capital markets.
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View Subscription PlansExecutive Leadership
Executive Leadership Team
| Name | Title | Background |
|---|---|---|
Yaniv Vardi | Chief Executive Officer (since July 2020) | Former CEO of Panoramic Power (acquired by Centrica) and later a senior Centrica executive; co-founder and managing director of Sparta Systems EMEA; B.Sc. magna cum laude, New Jersey Institute of Technology (Industrial and Management Engineering; Management of Information Systems); five years in the Israeli Air Force |
Udi Bar Sela | Chief Financial Officer | Former Chief Accounting Officer of Ormat Technologies (NYSE: ORA); CFO of Advanced Vision Technology; CFO of Tigo Energy; VP Finance at Soraa; division head of finance at Zoran; B.A. Economics and Accounting, Hebrew University; MBA, Tel Aviv University |
James Love | Chief Revenue Officer (since January 2026) | More than 25 years building and scaling go-to-market teams at high-growth technology and cybersecurity companies |
Yoram Gronich | Chief Product Officer | Former VP R&D and SVP Products and Engineering at Tufin, where he grew R&D from 10 to more than 200 people and helped lead the IPO |
Amir Preminger | Chief Technology Officer; head of Team82 | Leads threat and vulnerability research |
Jonathan Langer | Chief Operating Officer | Co-founder and former CEO of Medigate; Israeli Defense Intelligence Corps veteran |
Grant Geyer | Senior executive (strategy) | Public spokesperson on alliances and ecosystem strategy |
Shira Bar Yosef | Chief Customer Officer | Former Israel general manager and SVP of technical customer experience at Cybereason |
Upa Campbell | Chief Marketing Officer | Marketing leadership |
Yuval Fessler | General Counsel / legal lead | Legal and compliance |
Yuval Zilberman | IT leadership | Internal technology |
Rotem Sher | Chief of Staff | Former Deputy CEO of EPM; operations roles at Wix |
Jen Sovada | General Manager, Claroty Public Sector LLC (since April 2025) | Former president of SandboxAQ's global public sector division; Wash100 Award winner |
John Ryan | VP, Global Partner Ecosystem (since April 2026) | Channel and alliances leadership |
Eddie Stefanescu | General Manager, APJ | Regional leadership |
Board & Management Changes
| Date | Change | Context |
|---|---|---|
Apr 2025 | Jen Sovada appointed GM, Public Sector | Build-out of U.S. government business ahead of FedRAMP High and FOCI mitigation |
Jan 2026 | James Love appointed CRO | Sales leadership refresh alongside the Series F |
Apr 2026 | John Ryan appointed VP, Global Partner Ecosystem | Expansion of channel and alliance programmes |
Aug 2026 | Claroty Public Sector LLC established with its own governance | FOCI mitigation for U.S. government work |
Competitive Landscape
Key Competitors
| Competitor | Ownership (2026) | Segment overlap | Positioning vs. Claroty |
|---|---|---|---|
Armis | ServiceNow (acquired April 2026, about USD 7.75 billion) | Asset visibility across IT, OT, IoT and medical | Broadest asset coverage and agentless approach; now tied to ServiceNow workflows. Used by nine of the Fortune 10 and more than 35% of the Fortune 100 |
Dragos | Accenture majority stake (announced June 2026) | OT threat detection, ICS intelligence, incident response | Strongest OT threat intelligence brand; gaining exposure assessment through runZero and NetRise |
Nozomi Networks | Mitsubishi Electric (acquired January 2026, about USD 1 billion) | OT/IoT visibility and threat detection | Close functional rival; FY2025 revenue of USD 101.7 million; break-even |
Microsoft Defender for IoT | Microsoft | OT/IoT visibility | Bundled with the Microsoft security stack (CyberX heritage) |
Fortinet | Public (NASDAQ: FTNT) | OT network security, firewalls | Network enforcement-led; both partner and competitor |
Palo Alto Networks | Public (NASDAQ: PANW) | IoT/OT security subscriptions | Firewall-attached device security |
Cisco Cyber Vision | Cisco (NASDAQ: CSCO) | OT visibility built into industrial networking | Embedded in switching infrastructure |
Forescout | Private | Device visibility, NAC, OT | NAC-led enforcement |
Tenable OT Security | Public (NASDAQ: TENB) | OT vulnerability management | Vulnerability-management cross-sell |
TXOne Networks | Private (Trend Micro affiliate) | OT endpoint and network protection, strong in semiconductor fabs | Specialist in SEMI E187/E188 environments |
Axonius | Private | Cyber asset management; expanded into healthcare | Competes in asset intelligence |
Asimily, Ordr | Private | Healthcare IoMT security | Medigate-segment rivals |
Key Competitors by Company
| Company | Scale metric (USD Mn) | Year | Growth | Transaction / valuation (USD Mn) |
|---|---|---|---|---|
Claroty | 200 (ARR, estimated) | 2026 | About 30–35% compound annual growth implied from 2023 | 3000 (Jan 2026 private round) |
Dragos + runZero + NetRise | 208 (combined ARR) | Jun 2026 | 53% year on year | 4175 (Accenture, majority stake) |
Nozomi Networks | 101.7 (revenue) | FY2025 | 36% year on year (from 74.7 in FY2024) | About 1000 (Mitsubishi Electric) |
Armis | — | 2025 | — | 7750 (ServiceNow) |
“—” = not publicly disclosed.
Peer Comparison FY2025
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Nozomi Networks revenue (USD Mn) | 62.6 | 74.7 | 101.7 |
