Israeli enterprise IoT security company Armis today announced it has raised $30 million in a Series B financing round led by Red Dot Capital Partners and Bain Capital Ventures and with the participation of previous investors Sequoia Capital and Tenaya Capital. With this latest financing round the company has raised $47 million.
Armis will use the investment to meet demand for advanced security technologies that allow enterprises to secure IoT-related digital transformation efforts, expand sales and marketing, and further develop its device knowledgebase and security platform.
Founded in late 2015, and headquartered in Palo Alto, California, with offices in Tel Aviv, the Armis team is comprised of top engineering talent from Israel and experienced Silicon Valley technology leaders. Armis CEO and co-founder Yevgeny Dibrov was on the executive team at Adallom, which was acquired by Microsoft in 2015. He served with co-founder and CTO Nadir Izrael in the elite Unit 8200 of the Israeli Defense Forces. The company has 50 employees including 35 in Tel Aviv.
Armis has developed a technology platform that allows enterprises to see and control compromised and unmanaged devices and rogue networks accessing their systems, effectively eliminating the IoT security blind spot that exists in all businesses today.
Dibrov said, "Last year, IoT played a role in driving enterprise cyber threats up by 600%. Organizations now recognize that connected device security is no longer a 'nice to have,' but is a top priority for every boardroom and C-suite. Our agentless software provides visibility and control over every device, we've allowed security teams to achieve goals without disrupting their businesses' digital transformation journeys."
"IoT is changing the connected world, creating new attack surfaces across the enterprise in every major vertical," said Jeff Williams, Operating Partner at Bain Capital Ventures. "Rapid growth in connected devices coupled with advancements in the threat landscape demand that companies secure their new IoT reality. Armis has an impressive customer list, and is uniquely positioned to discover, manage, and secure these unseen and unprotected IoT assets."
"Armis solves one of the most important problems in cybersecurity today - how enterprises can develop full visibility and control over the multitude of IoT devices that operate within their networks and on their physical premises, many of which are critical to run the businesses," said Yaniv Stern, Managing Partner at Red Dot Capital Partners, who will be joining the Armis Board. "Worldwide spending on IoT security is expected to reach $3 billion in 20211. Armis' growth potential in this market is virtually unlimited, as it's one of the few companies providing global organizations with the ability to take full advantage of the IoT and digital transformation without having to sacrifice security. We are very impressed with Yevgeny and Nadir, as well as the team that surrounds them."
Published by Globes [online], Israel business news - www.globes-online.com - on April 9, 2018
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