Armis, an enterprise IoT security company, has closed a $30m Series B funding round, led by Red Dot Capital Partners.
Red Dot, a Temasek-backed Venture Capital fund based in Israel, was joined by Bain Capital Ventures and return investors Sequoia Capital and Tenaya Capital.
The investment, which brings the company’s total funding to $47m, will be used 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.
Founded in late 2015, Armis is headquartered in Palo Alto with offices in Tel Aviv. The company claims to eliminate the IoT security blind spot, protecting enterprises from the threat of unmanaged or rogue devices and networks. It claims the solution lets enterprises safely embrace IoT as a part of their digital transformation strategies.
Its agentless security solution delivers visibility of every device in their environment, analyses and classifies devices and their behaviour in order to identify risks or attacks, and protects critical information and systems. Since launching out of stealth in June 2017, Armis has signed on leading customers including numerous customers in the Fortune 100.
“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 $3bn in 2021. 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.”
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