Armis Security

Armis runs an agentless, enterprise-class security platform focused on identifying and responding to threats specific to IoT devices. The platform uses an out-of-band technology to discover and analyze endpoint behavior of all managed, and unmanaged IoT devices, ranging from traditional devices such as laptops and smartphones to unmanaged devices such as smart TVs, webcams, printers, HVAC systems, industrial robots, and medical systems. The company focuses on the internet of medical things (IoMT) and the industrial internet of things (IIoT) as manufacturers switch to smart production. The company uses its “Armis Device Knowledgebase” database to analyze devices for threats and creates device-specific behavioral profiles.

Armis was acquired by Insight Partners, a global venture capital and private equity firm, in February 2020 for around USD 1.1 billion.

Key customers and partnerships

As of November 2021, the company served 35% of Fortune 100 companies such as Colgate-Palmolive, Mondelez International, DocuSign, Allegro Microsystems, and Takeda Pharmaceuticals.

In August 2022, Armis partnered with the threat detection and response company, SentinelOne to jointly provide three unified solutions that protect organizations across endpoints, cloud, mobile, IoT, OT devices, and more.

Funding and financials

In November 2021, the company raised USD 300 million led by One Equity Partners and existing investors such as Brookfield Asset Management and Red Dot. The round valued the company at USD 3.4 billion, nearly a two-fold increase from the USD 2 billion sticker price achieved during its last raise in February 2021. The company planned to use the funds to pursue future acquisitions that will enhance the capabilities of its platform and could cost “several tens of millions of dollars”; accelerate growth; expand globally into the EMEA, Asia-Pacific, and other emerging markets; and execute strategies for its planned IPO in the US.

In February 2021, the company disclosed that over the past two years, its revenue had grown by over 750% and its customer base increased by over 425%. The company expected to more than double its revenue and triple its customer count by the end of 2021. The company had a global headcount of 500, as of November 2021.

In February 2023, the company announced that it had exceeded USD 100 million in annual recurring revenue (ARR) from just USD 1 million in less than five years. The company also revealed plans to achieve operational profitability with a positive cash flow and reach USD 200 million in ARR within 2023. It has also planned to acquire and form partnerships with other companies as part of its strategy for 2023.