Israeli cybersecurity company Armis Security has today announced the completion of a $200 million Series D financing round, which increases its valuation to $4.3 billion. This is $900 million higher than its previous financing round less than three years ago.
The latest financing round was led by General Catalyst and Alkeon Capital with the participation of new investors Brookfield and Georgian and existing investors Insight Partners, CapitalG, and One Equity Partners.
Armis was founded by CEO Yevgeny Dibrov and CTO Nadir Izrael and currently has 750 employees in Israel and around the world.
The company operates in the growing field of protecting organizations with critical infrastructures such as manufacturing plants, hospitals, airlines and energy facilities. Among its customers are United Airlines, Colgate-Palmolive and Mondelez, the parent company of Oreo, Milka and Toblerone, for which it provides transparency and security for all assets such as production lines, medical devices, cloud infrastructure, computing and software code.
The latest financing round comes shortly after Armis's announcement that it has crossed the $200 million annual recurring revenue (ARR) threshold and after two successful acquisitions this year of Silk Security and CTCI.
Aiming for an IPO
In its most recent financing round in November 2021, Armis raised $300 million at a company valuation of $3.4 billion. Son the company has increased its valuation since the peak years of the Covid pandemic, although there has been a significant slowdown in the pace of growth in valuation that characterized the market several years ago. PitchBook reports that the company's valuation tripled between February 2020 and November 2021 from $1.1 billion to NIS 3.4 billion.
Armis now says it is aiming for an IPO and that its next milestone will be ARR of $500 million.
Published by Globes, Israel business news - en.globes.co.il - on October 28, 2024.
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