Cyber exposure management firm Armis announced the close of a $200 million Series D funding round on Monday at a hefty valuation of $4.2 billion.
Armis has developed an agentless platform that can help organizations inventory and secure all of their devices, including managed, unmanaged, IoT, industrial, and medical devices, as well as applications and cloud instances.
The company has a future IPO in its sights and says it recently surpassed the $200 million in Annual Recurring Revenue (ARR) mark, growing ARR by an additional $100 million in less than 18 months.
San Francisco, California-based Armis says the additional cash infusion will help it continue with its 5-year strategy to “build a multi-generational cybersecurity company, fuel strong organic product innovation and global go-to-market programs.”
The company also hinted that funds may be used to take advantage of “inorganic growth opportunities” that may arise—AKA acquisitions.
Founded in late 2015, Armis emerged from Stealth in 2017 with $17 million in funding. The company was acquired by private equity firm Insight Partners in 2020 at a valuation of $1.1 billion.
Armis has raised significant capital to fuel its growth over the years, including a $65 million Series C funding in 2019, $125 million at a valuation of $2 billion in February 2021, and $300 million at a valuation of $3.4 billion in November 2021.
Armis announced in April 2024 that it had acquired cyber risk prioritization and remediation company Silk Security for $150 million.
Armis has its roots in Israel, where its founders, CEO Yevgeny Dibrov and CTO Nadir Izrael, served in Unit 8200 of the Israeli Defense Forces. Dibrov was on the executive team at Adallom, a cloud security startup acquired by Microsoft in 2015.
The latest funding round was led by both investors General Catalyst and Alkeon Capital, along with existing investors Brookfield Technology Partners and Georgian. General Catalyst and Alkeon Capital are joining existing investors that include Insight Partners, CapitalG, Georgian, Brookfield Technology Partners, and One Equity Partners.
Armis recently showcased its solutions at SecurityWeek’s 2024 ICS Cybersecurity Conference in Atlanta.
