AAA Armis arms itself with $125m

Armis arms itself with $125m

US-based device security technology provider Armis agreed on Tuesday to raise an amount reported by Bloomberg to be $125m in funding, from investors including internet and technology group Alphabet’s CapitalG unit.

The round was led by Brookfield Technology Partners, a subsidiary of alternative asset manager Brookfield Asset Management, and will value the company at $2bn. It includes Insight Partners, the growth equity firm that acquired Armis in a $1.1bn deal in January 2020.

Founded in 2015, Armis has developed a software platform that helps customers protect their devices from cyberattacks. Its system works with laptops and other mobile devices as well as connected electronics systems such as medical devices and industrial control systems.

The company said in a statement announcing the round that it has now raised $300m altogether, which could include the $100m invested by CapitalG at the time of the Insight Partners purchase. It had secured $112m in funding prior to that transaction.

Armis co-founder and CEO Yevgeny Dibrov said: “Bad actors are taking advantage of the lack of security on these devices – managed, unmanaged, [internet of things], [internet of medical things] and [operational technology] – and attacks on these businesses are growing at exponential rates with severe real-life consequences.

“In addition, as covid-19 vaccinations rollout this year, our partnership with Brookfield and its massive real estate footprint of over 500 million square feet in commercial office space provides an opportunity to work with companies to ensure data and information security as they bring employees back to the office with more devices than ever before.”

By Robert Lavine

Robert Lavine is special features editor for Global Venturing.