TEL AVIV (Reuters) - U.S.-Israeli Armis, a provider of Internet of Things (IoT) enterprise security, said on Monday it raised $30 million in financing, bringing the total it has raised to $47 million.
Red Dot Capital Partners, a Temasek-backed venture capital fund based in Israel, led the round with Bain Capital Ventures joining. Sequoia Capital and Tenaya Capital also participated as return investors.
Armis said it will use the investment to meet demand for advanced security technologies, expand sales and marketing and further develop its security platform.
Global spending on IoT security is expected to reach $3 billion in 2021, according to data released by Gartner.
“Last year, IoT played a role in driving enterprise cyber threats up by almost 300 percent,” Armis CEO Yevgeny Dibrov said.
Founded in 2015, Armis is headquartered in California with a development center in Israel.
Reporting by Tova Cohen