Connect with us

Hi, what are you looking for?


Cybersecurity Funding

Illusive Networks Raises $24 Million in Series B1 Funding Round

Network security company Illusive Networks this week announced that it has raised $24 million in a Series B1 funding round.

Network security company Illusive Networks this week announced that it has raised $24 million in a Series B1 funding round.

The latest investment, which brings the total raised by the company to $54 million, saw participation from Spring Lake Equity Partners, Marker, New Enterprise Associates, Bessemer Venture Partners, Innovation Endeavors, Cisco, Microsoft, Citi and others.

The company says it plans on using the money to accelerate growth and improve its products, particularly ones designed for securing cloud workloads.

Illusive Networks offers solutions designed to help organizations prevent and detect attacks, and respond to incidents. The company says its platform reduces attack surface and prevents lateral movement by creating what it calls a “hostile environment” for the attacker.

Illusive also announced that it has hired several new people in strategic roles, including Bob Horn as chief revenue officer, Nicole Bucala as VP of business development, and Claire Trimble as chief marketing officer.

The company claims its annual recurring revenue has increased by 228% over the past year.

“Despite massive investments, enterprises continue to suffer data breaches. The Illusive solution enables the active layer of defense that deterministically detects attackers in the network who are leveraging stolen credentials or stealing sensitive data. This is a critical layer of defense that enterprises need to deploy,” said Dave DeWalt, vice chairman of Illusive and founder of cybersecurity investment and advisory firm NightDragon.

Related: Enterprise Device Security Company Eclypsium Raises $13 Million

Advertisement. Scroll to continue reading.

Related: Developer Security Firm Snyk Raises $200 Million at $2.6 Billion Valuation

Related: Secure Access Provider Axis Security Raises $32 Million

Related: Malware Detection Company AffirmLogic Raises $25 Million

Written By

Eduard Kovacs (@EduardKovacs) is a managing editor at SecurityWeek. He worked as a high school IT teacher for two years before starting a career in journalism as Softpedia’s security news reporter. Eduard holds a bachelor’s degree in industrial informatics and a master’s degree in computer techniques applied in electrical engineering.

Click to comment

Daily Briefing Newsletter

Subscribe to the SecurityWeek Email Briefing to stay informed on the latest threats, trends, and technology, along with insightful columns from industry experts.

Join us as we delve into the transformative potential of AI, predictive ChatGPT-like tools and automation to detect and defend against cyberattacks.


As cybersecurity breaches and incidents escalate, the cyber insurance ecosystem is undergoing rapid and transformational change.


Expert Insights

Related Content

Application Security

Cycode, a startup that provides solutions for protecting software source code, emerged from stealth mode on Tuesday with $4.6 million in seed funding.

Cybersecurity Funding

SecurityWeek investigates how political/economic conditions will affect venture capital funding for cybersecurity firms during 2023.

Identity & Access

Zero trust is not a replacement for identity and access management (IAM), but is the extension of IAM principles from people to everyone and...

CISO Strategy

SecurityWeek spoke with more than 300 cybersecurity experts to see what is bubbling beneath the surface, and examine how those evolving threats will present...

CISO Conversations

Joanna Burkey, CISO at HP, and Kevin Cross, CISO at Dell, discuss how the role of a CISO is different for a multinational corporation...

CISO Conversations

In this issue of CISO Conversations we talk to two CISOs about solving the CISO/CIO conflict by combining the roles under one person.

Cyber Insurance

Cyberinsurance and protection firm Boxx Insurance raises $14.4 million in a Series B funding round led by Zurich Insurance.

CISO Strategy

Security professionals understand the need for resilience in their company’s security posture, but often fail to build their own psychological resilience to stress.