California-based IoT enterprise security company Armis has raised another $65 million in Series C funding, bringing the company’s total funding to $112 million.
The company, which provides security solutions for managed and unmanaged Internet of Things (IoT) devices, said it will use the funds to speed up investments in sales, marketing, and engineering as it looks to expand its cross-industry solutions for device management on a network.
“IoT security has come of age, with CIOs and CISOs across industries prioritizing it as they realize the significant risk these connected devices pose,” said Yevgeny Dibrov, CEO and co-founder of Armis, in a media statement.
Armis’ sensing technology can analyze and manage enterprises IoT devices including traditional devices like laptops and smartphones; and unmanaged smart devices like smart TVs, webcams, printers, HVAC systems, industrial robots, medical devices and more.
With IoT endpoints growing to 14.2 billion this year and 25 billion units by 2021, according to estimates by research advisory firm Gartner, the attack surface of the connected enterprise is also expanding by leaps and bounds.
A recent report showed that half of the top 12 global exploits targeted IoT. Another poll revealed that companies have started sustaining significant monetary losses due to lack of good practices as they incorporate IoT into business models.
According to Armis, unmanaged and un-agentable devices have no inherent security, and cannot be protected by legacy security solutions.
Dbrov claims that the Armis platform is purpose-built to address insecure endpoints or ‘un-agentable’ devices.
“But beyond the technology, it’s how we partner closely with our customers to secure this new attack landscape,” he said.
Vote of confidence
Sequoia Capital led the latest funding round with participation from Insight Venture Partners and Intermountain Ventures. Return investors include Bain Capital Ventures, Red Dot Capital Partners, and Tenaya Capital.
Carl Eschenbach, partner at Sequoia, joined the board of directors.
“As every industry and market segment faces the issue of identifying and securing these devices, Armis is providing the best solution with their easy to install, agent-less platform. This, along with their incredible team and company culture, is why we’ve partnered with the company since the Series A in Israel and are thrilled to be part of this next phase of growth,” Eschenbach said in a media statement.
Jeff Horing, Managing Director at Insight Venture Partners, said they believe the Armis platform will be addressing “$30-billion market.”
Armis disclosed in the news release announcing the funding round that “it has seen 700% growth in annual revenue, with multiple multimillion-dollar contracts with enterprises, and has deployments in more than 25% of the Fortune 100.
Customers include Mondelēz, Sysco Foods, Allergan, and Samsung Research America, the company said.
Before the current funding round, Armis had also raised $17 million and $30 million in Series A and Series B funding, respectively.