IoT Security Firm Armis Closes $300M Round At $3.4B Valuation

Israel’s Armis Security announced on Monday that it has completed its latest funding round, raising $300 million at a $3.4 billion valuation.

US private equity firm One Equity Partners (“OEP”) led the round, with participation from existing investors, to accelerate strategic platform development and global GTM initiatives, and to support future acquisitions. OEP will also be joining the board of directors.

“One Equity Partners is the exact type of investor we need at this juncture. They deeply understand our sector and their acquisition expertise will help support us in achieving our expansion goals and objectives,” said Yevgeny Dibrov, CEO and co-founder of Armis. “We look forward to OEP joining our board and working with our investor group to continue to scale and to acquire a number of strategically important assets.”

Armis was founded in 2015 by Nadir Izrael, Dibrov and Tomer Schwartz (no longer with the company), and is headquartered in Palo Alto, California, and Tel Aviv. Armis says its solution eliminates IoT security blind spots, letting enterprises embrace IoT as part of their digital transformation and develop full visibility and control over the IoT devices that operate within their networks. Armis’ security solution analyzes and classifies these devices in order to identify risks or potential cyber attacks. The company’s customers have included Mondelēz, Sysco Foods, Allergan, and Samsung Research America.

The company, which is still managed by Dibrov and CTO, more than tripled its valuation since it was acquired by NY-based firm Insight Partners in January 2020 at a value of $1.1 billion.

“Armis continues expansion into Healthcare, Federal, SLED, and OT sectors in addition to our traditional IoT, IT, Medical, and Enterprise services and capabilities. The investment by One Equity Partners will fuel platform development, regional expansion, and an enhanced go-to-market team,” said Izrael, “We are winning market share in all our new verticals and have become the leading cybersecurity player when it comes to seeing all assets and devices.”