Device security firm ForeScout Technologies said on Thursday that it has secured $76 million in additional funding that values the company at a cool $1 billion.
The late stage funding round, led by Wellington Management Company, comes as the company broke $125 million in revenue in fiscal year 2015, and tripled its valuation over the past 18 months.
The company, which historically has focused on traditional enterprise endpoint protection, has an eye on expanding its expertise in the Internet of Things (IoT) security space, and will be putting some of the new cash to work through increased spending on R&D for its IoT security efforts.
“It took 25 years for the world to get to 5 billion connected devices, but with the explosion of the IoT we’ll see around 30 billion by 2020 — an entirely new approach to security is required,” said Michael DeCesare, ForeScout CEO and President.
ForeScout’s flagship product, ForeScout CounterACT, provides real-time network visibility into users, devices including BYOD, systems and applications. The platform helps IT organizations better understand their security posture and automate responses to a wide variety of security issues.
Additionally, CounterACT allows other security products to exchange information and mitigate exposures. More than 70 partners, including FireEye, Damballa, Bromium, Splunk, and Qualys, integrate with CounterACT for interconnected security. For example, through an integration partnership with Damballa, customers can automatically quarantine or log devices deemed ‘infected’ by Damballa.
The company currently has more than 2,000 customers in over 60 countries using their network security and compliance posture solutions.
“Device proliferation and IoT deployments are easy entrances for cyber criminals if not detected and protected. With agentless visibility, intuitive automated controls and a commitment to integrating with leading security and IT management solutions, ForeScout is well-positioned to own the burgeoning IoT security market,” said DeCesare, a former Intel Security executive, who took the role of CEO in February 2015.