Armis Security

Armis Security Raises $200 Million in Series D - October 28, 2024

Executive Summary

Armis is a cyber exposure management and security company that provides comprehensive visibility and protection across organizations' entire attack surfaces, including IT, IoT, OT, and cloud assets.

Funding Amount: $200 Million

Valuation: $4.2 Billion

Round Type: Series D

Announced: October 28, 2024

Headquarters: Palo Alto, California

Category: Cybersecurity - Asset Visibility & Security

About Armis Security

Armis Security was founded in 2015 and is headquartered in Palo Alto, California.

Armis is a cyber exposure management and security company that provides comprehensive visibility and protection across organizations' entire attack surfaces, including IT, IoT, OT, and cloud assets.

Funding Round Details

Investment Amount

Armis Security successfully raised $200 Million in this Series D funding round.

Lead Investors & Participants

General Catalyst (Co-Lead Investor): Multi-stage venture capital firm co-leading the Series D

Alkeon Capital (Co-Lead Investor): Technology-focused investment firm co-leading the round

Brookfield Growth (Existing Investor): Growth equity investor continuing participation

Georgian (Existing Investor): Growth equity firm specializing in software companies

One Equity Partners (Prior Investor): Led the previous $300M round in 2021 at $3.4B valuation

Use of Funds

The $200 million will fuel Armis's 5-year strategy to build a multi-generational cybersecurity company, supporting strong organic product innovation, global go-to-market programs, and strategic acquisitions. The capital positions Armis to reach $500 million in ARR on the path to $1 billion ARR and a future IPO targeted for 2026.

Key Metrics & Achievements

• $4.2 billion valuation (25% increase from $3.4B in 2021)
• $200+ million in Annual Recurring Revenue (ARR)
• Grew ARR by $100 million in less than 18 months
• Targeting IPO in 2026 per Bloomberg
• Serves Fortune 500 companies and government agencies
• Monitors billions of devices and assets globally
• Comprehensive coverage: IT, IoT, OT, cloud, and medical devices

Business Model

Armis operates on a SaaS subscription model, providing agentless asset visibility and security across all connected devices and systems. The platform continuously discovers, profiles, and monitors all assets to identify vulnerabilities, detect threats, and enforce security policies. Armis earns recurring revenue through annual or multi-year subscriptions based on the number of assets protected.

Market Opportunity & Competition

Armis competes in the cyber asset attack surface management (CAASM) market with companies like CrowdStrike, Palo Alto Networks (Cortex), Tenable, and Qualys. Armis differentiates through its agentless approach, comprehensive device coverage including IoT/OT, and real-time asset intelligence that goes beyond traditional endpoint security.

This fundraising report was announced on October 28, 2024 and represents verified data from Crunchbase, Bloomberg, TechCrunch, The Robot Report, and official company announcements.