Armis, an IoT device security firm secured $65m in funding. The startup attracted large cheers from investors as it recorded nearly 700 percent growth in 2018. Sequoia Capital, a venture funding backbone of Silicon Valley led the funding rounds.
Other investors in the deal included Intermountain Ventures and Insight Venture Partners. Additionally, the funding also witnessed return of old investors like Red Dot Capital Partners, Bain Capital Ventures, and Tenaya Capital. This new investment takes the total funding in Armis to a whopping $112 million.
Amis works towards solving problems surrounding device management on networks. Earlier, security was a pain point for IoT device makers. These devices require careful scanning, which is often is often difficult for older devices.
On the other hand, Armis device management solution observes and learns the behavior of devices with the help of machine learning. It works like a behavioral fingerprinting model for IoT devices, which is in turn makes Armis solution a giant crowdsourcing engine.
Nadir Iarael, the co-founder of Armis said that older devices can shut down due to security scanning for ports. However, an Armis solution observes the behavior of devices in a passive manner. Armis looks at the behavior and learns how devices behave. This helps Armis build master model based on giant base of statistical data.
A Large Task at Hand for Armis
Armis had announced an influx of $30 million series B funding last year. Furthermore, the recent funding is expected to help Armis accelerate its growth even more in the near future.
The company plans on investing the large sum in hiring more employees. It is expected to focus on customer support and collaborations with new partners to acquire system integrators, MSPs, and ISVs. Armis will likely double its total employee tally, which stands at a mere 125 personnel.