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US-Israeli IoT enterprise security provider Armis confirmed on Monday that it was able to raise $30 million in financing. The total amount it has raised, thus far, is $47 million, according to Reuters.
As an IoT platform with a mission to let enterprises use IoT and unmanaged devices securely and safely, the company said that they will use their investment not only to expand marketing and sales but to also further develop their security platform. They will also use the fund to meet the technologies’ demand for an advanced security. This is in relation to the latest data shared by international research and advisory company Gartner that the global spending on Internet of Things security will reach $3 billion in 2021.
The company has attracted venture capitalists in a strong group. Israel-based Red Dot Capital Partners led the funding round and was joined by Bain Capital Ventures. Tenaya Capital and Sequoia Capital also joined as return investors.
Armis’ CEO Yevgeny Dibrov shared that in 2017, “IoT played a role in driving enterprise cyber threats by almost 300 percent.”
Armis company was founded in 2015 and now has headquarters in California. Its development center, meanwhile, is located in Israel. The company works by securing IoT devices without using an agent since it's often not possible to put an agent on a connected device, such as a sensor, light bulb, or a video camera. Doing so requires knowledge of said devices and their behavior.
To create an agentless platform, Armis looks at the existing traffic, network infrastructure, and wireless infrastructure to get big traffic information, American tech publisher TechCrunch reported.