Israel’s IoT security company Armis Security has raised USD 300 million in a funding round led by US private equity firm One Equity Partners (OEP), the company announced on Monday. Armis now has a USD 3.4 billion valuation after the round.
The fresh cash will be used to accelerate strategic platform development and global go-to-market initiatives. Armis will also use the capital injection to support future acquisitions, according to the company.
“One Equity Partners is the exact type of investor we need at this juncture. They deeply understand our sector, and their acquisition expertise will support us in achieving our expansion goals and objectives,” said Yevgeny Dibrov, CEO and co-founder of Armis. “We look forward to OEP joining our board and working with our investor group to continue to scale and to acquire a number of strategically important assets.”
Armis Security was founded in 2015 by Dibrov, Nadir Izrael, and Tomer Schwartz. The firm is headquartered in Palo Alto and Tel Aviv.
The company’s solution finds and eliminates IoT security blind spots to prevent risks and potential cyber attacks, assisting enterprises in embracing IoT as part of their digital transformation. Armis provides services to companies including Mondelez, Sysco Foods, Allergan, and Samsung Research America.
Armis has more than tripled its valuation since it was acquired by New York-based Insight Partners in January 2020 at a valuation of USD 1.1 billion.
“Armis will continue its expansion into healthcare and state, local, and education market, in addition to our traditional IoT, IT, medical, and enterprise services. The investment by OEP will fuel the platform development, regional expansion, and an enhanced go-to-market team,” Izrael said.
“We are winning market share in all our new verticals and have become the leading cybersecurity player when it comes to seeing all assets and devices,” he added.
The article was originally published by NoCamels, a leading news website covering breakthrough innovation from Israel for a global audience.