Cybersecurity company Illumio has grown its valuation to $2.75bn after it raked in $225m in a Series F funding round.
The funding round was led by private equity firm Thoma Bravo also saw participation by Franklin Templeton, Owl Rock and funds managed by investment company Hamilton Lane.
Established in 2013, Illumio is a market leader of Zero Trust Segmentation and seeks to stop cyber breaches from become cyber disasters. The company markets the Illumio Core and Illumio Edge platforms to automate policy enforcement to stop cyberattacks and ransomware attacks from spreading across applications, clouds, containers, endpoints and data centers.
The company claims many Fortune 100 companies and hundreds of global enterprises use Illumio, including six of the ten biggest banks in the world. Illumio said its platform combines intelligent visibility to detect threats with security enforcement achieved in minutes that allows world-leading organisations to strengthen their cyber resiliency and reduce risk.
Illumio said, “Cyberattacks and ransomware are more successful than ever. We are witnessing the most catastrophic breaches in history on a regular basis, despite security spending that is expected to top $150 billion this year.
“Colonial Pipeline, JBS, Microsoft Exchange and daily incidents of smaller ransomware payouts prove that legacy security does not provide adequate protection, and the entire security model is in question. A Zero Trust strategy is the new model, designed to assume breach at all times. While no single product or platform equals a complete Zero Trust approach, segmentation is a core pillar of every Zero Trust strategy.”
Illumio CEO and co-founder Andrew Rubin added, “Adopting Zero Trust strategies has never been more important for organizations across all industries, as the Biden Administration’s recent cybersecurity Executive Order demonstrates.
“This investment signals that now is the time to reimagine the cybersecurity model as we know it, with Zero Trust Segmentation playing a fundamental role in this strategic shift. “With this funding, we will accelerate our innovation in product and engineering, further invest in customer success, and build upon our global partner strategy.”
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