The past 12 months have helped cyber defence platform Illusive Networks grow its annual recurring revenue by 228% and this growth has culminated in the close of a new $24m Series B1 round.
Investment capital was supplied by Spring Lake Equity Partners, Marker, New Enterprise Associates, Bessemer Venture Partners, Innovation Endeavors, Cisco, Microsoft, Citi and other unnamed backers.
Capital from the round will be used to accelerate the company’s next growth phase, which includes an aggressive go-to-market strategy that focuses on sales and marketing. Funds will also be used for product enhancements.
Illusive Networks CEO and founder Ofer Israeli said, “Our rapid growth is a testament to the need for our solution, especially with the rise of cyber-attacks and the complexity of securing remote workers which makes our products more critical at this time. We are also thrilled about the tremendous momentum we are seeing with our strategic partnerships like Microsoft; last week Illusive was announced as the only deception vendor with a Microsoft “co-sell” ready status.”
The cybersecurity company claims to reduce cyber risk by shrinking the attack surface and stopping attacker movement.
Hackers are able to find vulnerabilities within an enterprise’s security stack and move laterally within the network. Illusive Networks stops this by identifying and removing vulnerable connections and credentials, replacing them with deceptive versions that fool attackers into revealing their location.
Spring Lake Equity Partners founding partner Jeff Williams said, “Cyber-attackers are savvier than ever in evading security monitoring and controls. The next level of cybersecurity needs to be deterministic, not reactionary. Illusive will also further invest in cloud security and make product enhancements that are critical as enterprises are increasing their deployment of workloads in the cloud. That’s why Illusive will continue to grow and why it’s a company worth investing in.”
Illusive Networks has made a number of strategic hires over the past few months, including Nicole Bucala as its chief revenue officer and Clair Trimble as its chief marketing officer.
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