Attack Surface Management,
Governance & Risk Management,
Operational Technology (OT)
Funding Round Led by Goldman Sachs Elevates Valuation to $6.1 Billion
Cyber exposure management firm Armis has announced a significant pre-IPO funding round worth $435 million, marking a pivotal moment in its journey toward an initial public offering. This latest influx of capital elevates the company’s valuation to $6.1 billion, reflecting a robust investor response amid ongoing developments in the cybersecurity sector.
Headquartered in San Francisco, Armis plans to channel the newly acquired funds, led by Growth Equity at Goldman Sachs Alternatives, into advancing its strategic three-year plan aimed at reaching $1 billion in annual recurring revenue and preparing for its IPO. This type of funding generally signifies the last phase of private financing before publicly offering shares, ideally supported by institutional investors to strengthen the company’s valuation for public markets.
Interestingly, Armis’s valuation surged by 25% from approximately $4.2 billion after a prior $200 million Series D round in October 2024. This pre-IPO round attracted significant attention, with notable contributions from CapitalG and new participant Evolution Equity Partners along with existing investors.
The IPO landscape for cybersecurity firms faced a downturn in 2021, leading to a lull in new filings. However, several companies have recently emerged, including Netskope, which initiated IPO preparations just six months after identity security firm SailPoint raised $1.38 billion at a $12.8 billion valuation. Armis CEO and co-founder Yevgeny Dibrov has projected the company’s IPO filing to occur by the “end of 2026.”
Dibrov emphasized the importance of this funding, stating, “Our growth indicates that organizations are adopting a unified, exposure-centric approach towards security, and this funding serves as validation of Armis’s leadership in the cybersecurity domain.” Founded in 2016, Armis has steadily expanded its operational footprint, employing around 900 personnel and completing multiple funding rounds, including a $300 million round led by One Equity Partners in 2021 and previous investments from General Catalyst and Alkeon Capital.
Armis has carved out a noteworthy niche in attack surface management, focusing on asset discovery and management while broadening its offerings to include vulnerability management and threat intelligence solutions. This multifaceted approach positions the company to meet the evolving needs of enterprises navigating complex cybersecurity threats.
Irit Kahan, managing director at Goldman Sachs Alternatives, highlighted Armis’s position in the market, describing it as “a uniquely differentiated cybersecurity platform exhibiting exceptional growth momentum.” Kahan asserted that Armis is redefining cyber exposure management by crafting a comprehensive visibility layer that transforms blind spots into actionable intelligence, particularly valuable for large enterprises and public sector organizations. The company has recognized significant success in expanding its annual recurring revenue, recently surpassing $300 million and setting its sights on the ambitious target of $1 billion ahead of its IPO.
To execute its growth strategy, Armis plans to utilize the pre-IPO funding for continued product development, market expansion, and strategic acquisitions. Recent acquisitions include Silk Security, aimed at enhancing organizational responses to security threats, and Otorio, which supports the OT security needs of government and infrastructure entities. As cumulatively illustrated, these advancements underscore Armis’s solid position within the cybersecurity landscape as it works towards establishing itself as a multi-generational leader in the sector.
