Armis, the enterprise IoT security company, today announced it raised $30 million in Series B funding. Red Dot Capital Partners, a Temasek-backed Venture Capital fund based in Israel focused on growth-stage tech companies, led the round with Bain Capital Ventures joining. Sequoia Capital and Tenaya Capital also participated as return investors.
Armis will use the investment 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. This investment brings the company’s total funding to $47 million.
“IoT is changing the connected world, creating new attack surfaces across the enterprise in every major vertical,” said Jeff Williams, Operating Partner at Bain Capital Ventures. “Rapid growth in connected devices coupled with advancements in the threat landscape demand that companies secure their new IoT reality. Armis has an impressive customer list, and is uniquely positioned to discover, manage, and secure these unseen and unprotected IoT assets.”
After launching last year, Armis has 30 customers, most of which are in the Fortune 500, Dibrov said. The company declined to disclose revenue, but Dibrov said “it’s growing super fast.” The company now has 50 employees, which is expected to nearly double this year in sales, marketing and R&D.