Enterprise IoT security startup raises $65M to tackle new threat landscape
Designed to address security challenges for the connected enterprise, the company’s out-of-band sensing technology is used to discover and analyze all managed, unmanaged, and IoT devices – from traditional devices like laptops and smartphones to new unmanaged smart devices like smart TVs, webcams, printers, HVAC systems, industrial robots, medical devices and more. It discovers devices on and off the network, continuously analyzes endpoint behavior to identify risks and attacks, and protects critical information and systems by identifying suspicious or malicious devices and quarantining them.
According to Gartner, IoT endpoints will grow to 25 billion units by 2021, with the highest growth in the cross-industry category. These unmanaged and un-agentable devices have no inherent security, and cannot be protected by legacy security solutions, says the company.
“IoT security has come of age, with CIOs and CISOs across industries prioritizing it as they realize the significant risk these connected devices pose,” says 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.”
The company says it will use the Series C funds to accelerate investments in sales, marketing, and engineering, as it looks to expand its cross-industry solution built to address the security exposures of enterprise IoT devices. Its enterprise-class agentless security platform is, says the company, the only one available to address the growing problem of unmanaged and unprotected IoT devices.
The platform leverages insights from its cloud-based Device Knowledgebase, which monitors over 80 million devices worldwide, to provide comprehensive visibility of every device across an enterprise environment, analyze and classify devices and their behavior in order to identify risks or attacks, and protect critical information and systems. Customers include Mondelez, Sysco Foods, Allergan, and Samsung Research America, among others, the company says.
The latest funding round, which brings the company’s total funding to $112 million, was led by Sequoia Capital, with participation from Insight Venture Partners and Intermountain Ventures joining. Bain Capital Ventures, Red Dot Capital Partners, and Tenaya Capital also participated as return investors. Carl Eschenbach, partner at Sequoia, joined the board of directors.
“Armis offers companies unprecedented visibility across managed and unmanaged devices during a time when the number of IoT devices is exploding,” says Eschenbach. “As every industry and market segment faces the issue of identifying and securing these devices, Armis is providing the best solution with their easy to install, agent-less platform.”
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