Network Perception’s 10-year journey from startup to leading cybersecurity firm for operational technology companies began with a single coworking desk.
Robin Berthier (pictured), a postdoc at the University of Illinois, founded Network Perception in 2014 and three years later joined TeamWorking by TechNexus, occupying a desk in the Chicago coworking space.
As Network Perception scaled, raising a seed round in 2020 and a $13 million Series A in 2022, Berthier relied on TeamWorking to scale its space needs. The team grew from that single desk to an office of 20, leading to the company’s major milestone earlier this month: the startup was acquired by leading cybersecurity firm Dragos.
Dragos, based in Washington, D.C. but with customers across the world, said it will bring Network Perception’s capabilities to its clients in oil & gas, manufacturing, and other industries globally.
The acquisition highlights a decade-long journey for Network Perception, which has grown its business to more than 100 customers, including half of the 30 largest electric utilities companies. Its technology creates a network visualization platform for OT networks, giving cybersecurity managers a comprehensive view of their network security.
By working out of TeamWorking, Berthier said it allowed the company to focus its attention on growing its business, rather than worrying about its office needs.
“As a startup you need to be really focused,” he said. “It’s very easy to lose that focus. There's so many things you could do, so many ways you can spend your time. And for me, it was important to outsource the things that are not our core business, so that we don't have to worry about it.”
Not needing to worry about things like utilities, internet connection or office cleaning allowed Network Perception to be heads down on the things most impactful to its business, Berthier said.
“It’s a really modern space that was attractive and inviting for hiring and recruiting,” he added.
But beyond taking care of the office basics, Berthier said a major benefit of TeamWorking was the community it’s built. TeamWorking, operated by TechNexus Venture Collaborative, a venture firm that’s invested in more than 150 startups across the globe, is home to more than 80 fast-growing companies.
“The value was the community and being able to meet other entrepreneurs as well as service providers," he said.
Those connections, combined with flexible space, proved key as the company built its business, he said.
“When I started in 2017, there was just me. And then the next year, we had a two-person office. Then in the year after that, a five-person office, and then you have a 20-person office. So we were able to really easily move without having to think about the space you rent.”