Metallicspheres Armis Inc, the leading IoT security entity from Israel, has confirmed funding of $125 million. The company’s valuation stands at $2 billion. Insight Partners (venture capital and private equity entity) and Capital G (Google’s fund for investments) acquired Armis in January 2020. The company has now inked a strategic tie-up for scaled-growth equity funding from Brookfield Technology Partners (owned by Brookfield Asset Management), with other investors including Capital G, Insight Partners, and Georgian. Armis Device Security Platform will now spread to several businesses and industries under Brookfield throughout 30 global nations.
The new funding will help with new product creation, along with sales and marketing expansion. Armis has notched $300 million in funding to date, and Insight Partners is its majority shareholder. The company will function independently, managed by co-founders Nadir Izrael (CTO) and Yevgeny Dibrov (CEO). Dibrov feels that Brookfield wants to spread its innovative platform throughout holdings after becoming the company’s client, especially since they manage a huge volume of assets. Izrael states that the company was not looking for new funding. However, this will be a strategic fit for it in terms of global expansion. At the same time, this partnership comes with immense future business prospects as well. He confirms more products in the pipeline for expanding market share.
He also feels that the company will stay private for as long as it is feasible, without any immediate plans to take the public route. The key objective at Armis is to attain leadership in the security sector. The partnership with Brookfield could be the accelerator required for a huge IPO in the future, in his opinion. The company has invested in a new platform, along with scaling up several growth markets as well. The revenues and sales have been heartening, going up by 100% according to Dibrov.
Armis offers enterprise-device security options for tackling threats to IoT and unmanaged devices. It has forayed into IT and OT along with retaining its emphasis on healthcare networks as well. Revenues have soared by 750% over the last two years. Customer counts have also grown by a whopping 425% as a result. Armis has won several awards while launching a channel partner program last year as well. This program counts 130 active partners already. The team comprises 350 employees at the moment, with Brian Gumbel being appointed as the Chief Revenue Officer. Jonathan Carr has also joined as the Chief Financial Officer at the company.
