IoT security company Armis has raised $65 million in Series C funding, which brings the company’s funding to-date to $112 million.
According to Armis, IoT devices present an expanded attack surface, and there have been recent reports of global companies being affected by ransomware attacks carried out through insecure IoT devices. IoT devices typically don’t have advanced security measures built in, and can’t be protected by traditional methods, Armis explained. Gartner predicts that IoT endpoints will grow to 25 billion devices by 2021, which will make the need for secure devices even more important.
“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. “Our platform is purpose-built to address these new insecure endpoints, what we call ‘un-agentable’ devices. But beyond the technology, it’s how we partner closely with our customers to secure this new attack landscape.”
Armis will use this new funding to accelerate its sales, marketing, and engineering. It plans to expand its solution, which addresses the security needs of enterprise IoT devices.
This funding round was led by Sequoia Capital, with participation from new investors, Insight Venture Partners and Intermountain Ventures, and existing investors, Bain Capital Ventures, Red Dot Capital Partners, and Tenaya Capital.