US-based cybersecurity company ForeScout Technologies, backed by conglomerate Itochu Corporation, raised $76m yesterday in a funding round led by investment firm Wellington Management.
The round values ForeScout at $1bn, a trebling of the company’s 2014 valuation. A regulatory filing dated December 2015 reveals the company was seeking up to $135m for the round.
Founded in 2000, ForeScout has developed technology to detect and secure devices, such as computers, smartphones and internet of things endpoints, as soon as they connect to an enterprise network without the need for manual installation of software on those gadgets.
The money will go towards an expansion of the company’s global field operations, support and research and development focused on the internet of things sector.
The company has raised approximately $121m to date, according to Techcrunch. Details about Itochu’s involvement are not available, though an archived copy of ForeScout’s website reveals the conglomerate had backed the company by its $10m series D round in 2005.
Investors also include Accel Partners, BCS Growth Fund, Meritech Capital Partners and Pitango Venture Capital.
Michael DeCesare, chief executive and president of ForeScout, revealed to Techcrunch that the company is considering an initial public offering, though he did not disclose a timeline.