Enterprise IoT security company Armis on Wednesday announced another major funding round that brings its valuation to $2 billion.
Armis said it raised $125 million in the latest round, which brings the total investment secured by the company to $300 million.
The latest funding round was led by Brookfield Technology Partners, with participation from Insight Partners, CapitalG (Alphabet’s independent growth fund), and Georgian.
Insight Partners, which announced the acquisition of Armis in January 2020 at a valuation of $1.1 billion, will remain the majority owner. Armis will remain an independent company and its founding executives will continue to manage it.
Armis says the new investment will be used to “fund an exciting backlog of new product development and expansion of the marketing and sales teams.”
The company has developed a platform that is designed to help organizations discover and monitor managed, unmanaged and IoT devices, including medical devices and industrial control systems (ICS). The company provides EDR, asset management, compliance, incident response, threat detection, and visibility solutions.
The company claims its revenue increased by more than 750% over the past couple of years and the number of customers rose by 425%. Armis says it has Fortune 100 and Global 2000 customers, including Mondelēz, Sysco, Fresenius, Home Depot, Oracle, and DocuSign.
*headline updated after Armis confirmed to SecurityWeek that it raised $125 million in the latest funding round