Israeli cyber defense and deception solutions company Illusive Networks today announced it has completed a $24 million Series B1 financing round from new and existing investors - Spring Lake Equity Partners, Marker, New Enterprise Associates, Bessemer Venture Partners, Innovation Endeavors, Cisco, Microsoft, Citi and others.
Illusive Networks said the new funds will be used to accelerate the company’s next phase of growth driven by an aggressive marketing strategy that focuses on sales and marketing expansion and further investment and product enhancements for securing cloud workloads.
The company said that annual recurring revenue had grown by 228% over the past 12 months.
Illusive Networks reduces cyber risk by shrinking the attack surface and stopping attacker movement. Illusive creates a hostile environment for attackers, depriving them of the means to progress towards critical assets after breaching the perimeter.
Illusive Networks founder and CEO Ofer Israeli said: "Our rapid growth is a testament to the need for our solution, especially with the rise of cyber-attacks and the complexity of securing remote workers which makes our products more critical at this time. We are also thrilled about the tremendous momentum we are seeing with our strategic partnerships like Microsoft; last week Illusive was announced as the only deception vendor with a Microsoft "co-sell" ready status."
Published by Globes, Israel business news - en.globes.co.il - on October 7, 2020
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