PALO ALTO, Calif., April 9, 2018 /PRNewswire/ -- Armis, the enterprise IoT security company, today announced it raised $30 million in Series B funding. Red Dot Capital Partners, a Temasek-backed Venture Capital fund based in Israel focused on growth-stage tech companies, led the round with Bain Capital Ventures joining. Sequoia Capital and Tenaya Capital also participated as return investors. Armis will use the investment to meet demand for advanced security technologies that allow enterprises to secure IoT-related digital transformation efforts, expand sales and marketing, and further develop its device knowledgebase and security platform. This investment brings the company's total funding to $47 million.
"IoT is changing the connected world, creating new attack surfaces across the enterprise in every major vertical," said Jeff Williams, Operating Partner at Bain Capital Ventures. "Rapid growth in connected devices coupled with advancements in the threat landscape demand that companies secure their new IoT reality. Armis has an impressive customer list, and is uniquely positioned to discover, manage, and secure these unseen and unprotected IoT assets."
"Armis solves one of the most important problems in cybersecurity today - how enterprises can develop full visibility and control over the multitude of IoT devices that operate within their networks and on their physical premises, many of which are critical to run the businesses," said Yaniv Stern, Managing Partner at Red Dot Capital Partners, who will be joining the Armis Board. "Worldwide spending on IoT security is expected to reach $3 billion in 20211. Armis' growth potential in this market is virtually unlimited, as it's one of the few companies providing global organizations with the ability to take full advantage of the IoT and digital transformation without having to sacrifice security. We are very impressed with Yevgeny and Nadir, as well as the team that surrounds them."
Armis eliminates the enterprise IoT security blind spot, letting enterprises safely embrace IoT as a part of their digital transformation strategies. Its agentless security solution delivers comprehensive visibility of every device in their environment, analyzes and classifies devices and their behavior in order to identify risks or attacks, and protects critical information and systems. Armis does not require any hardware and integrates seamlessly into any environment or existing infrastructure.
Digital transformation is changing the world we live in, and the smart devices that are accompanying this shift are creating a new, complex threat landscape. Recent reports show IoT attacks are up 600% in 2017.2
Armis was founded in late 2015 and is headquartered in Palo Alto with offices in Tel Aviv. The Armis team is comprised of top engineering talent from Israel and seasoned Silicon Valley technology leaders. Since launching out of stealth in June 2017, Armis has signed on leading customers including numerous customers in the Fortune 100. In September 2017, Armis announced the discovery of BlueBorne, the largest exposure of devices to date. The discovery focused U.S. organizations, congressional leaders and the news media on IoT related security issues. Today's news follows more than a year of continued momentum and growth for Armis, with highlights that include:
- Significant strides to the core platform delivering comprehensive device visibility across all networks (wired and wireless), and integration with firewalls, NAC, and other solutions including Palo Alto Networks, Cisco, and Aruba.
- Expansion of their device knowledgebase to over five million individual devices characteristics such as device type, operating system, reputation, connections, interactions, and more.
- Growth to 50 employees
- Earning numerous awards and a finalist spot in the SC Magazine Rookie Security Company of the Year Award
- Being selected to speak at RSA Conference 2018 on the discovery of BlueBorne Vulnerability
"Last year, IoT played a role in driving enterprise cyber threats up by 600 percent. Organizations now recognize that connected device security is no longer a 'nice to have,' but is a top priority for every boardroom and C-suite," said Yevgeny Dibrov, CEO and co-founder of Armis. "Our agentless software provides visibility and control over every device, we've allowed security teams to achieve goals without disrupting their businesses' digital transformation journeys."
1 Gartner Press Release, "Gartner Says Worldwide IoT Security Spending Will Reach $1.5 Billion in 2018," March 21, 2018. https://www.gartner.com/newsroom/id/3869181.
2 Internet Security Threat Report, Volume 23, Symantec, March 2018.
Armis eliminates the IoT security blind spot, protecting enterprises from the threat of unmanaged or rogue devices and networks. Fortune 1000 customers trust Armis' agentless IoT security platform to discover and analyze any device, protecting their business critical information and systems. Armis is a privately held company and headquartered in Palo Alto, California with offices in Tel Aviv, Israel.
About Red Dot
Red Dot Capital Partners is an Israel based Venture Capital fund focused on expansion and growth stage tech companies. Launched in 2016, Red Dot manages $150M and is funded by Temasek Holdings, an investment company owned by the government of Singapore. Red Dot invests in Israeli related high-tech companies with market tested technologies and a robust customer base. It has a particular interest in companies seeking growth in Asia.
About Bain Capital Ventures
Bain Capital Ventures partners with disruptive founders to accelerate their ideas to market. The firm invests from seed to growth in enterprise software, infrastructure software and industries being transformed by data. Bain Capital Ventures has helped launch and commercialize 200-plus companies since 2000, including investments in DocuSign, Jet.com, Kiva Systems, LinkedIn, Rapid7, SurveyMonkey, Taleo and TellApart. Bain Capital Ventures has approximately $3.6 billion of assets under management with offices in San Francisco, New York and Boston. Follow the firm via LinkedIn or Twitter.
Bateman Group for Armis