According to CNBC, cybersecurity startup Armis has raised $435 million in a funding round that values the company at $6.1 billion. Goldman Sachs Alternatives’ growth equity fund anchored the investment with participation from Alphabet’s CapitalG and new investor Evolution Equity Partners. CEO Yevgeny Dibrov said the company chose Goldman specifically for its track record helping companies accelerate toward IPOs. Armis, which helps businesses secure internet-connected devices, surpassed $300 million in annual recurring revenue in August and is now targeting $1 billion in ARR. The company is aiming for an IPO at the end of 2026 or early 2027, though Dibrov said he’s waiting on market conditions and isn’t in a rush.
What Armis actually does
So what exactly is Armis building that’s worth billions? Basically, they’re focused on securing all the internet-connected devices that aren’t traditional computers – everything from medical equipment and manufacturing systems to smart building controls and IoT sensors. These devices create massive security blind spots because they often can’t run traditional security software. Armis’s platform discovers these assets, assesses their risk, and helps protect them against threats. It’s a huge market that’s only getting bigger as everything from hospital infusion pumps to factory robots gets connected to networks.
The path to IPO
Here’s the thing about this funding round – it’s not really about needing cash to survive. Armis has been growing like crazy, surpassing $300 million in ARR in August, less than a year after hitting $200 million. They just raised $200 million last October at a $4.2 billion valuation. So why raise another $435 million now? This feels like a classic “war chest” round – they’re loading up before going public. Dibrov is being pretty transparent about the timeline too: late 2026 or early 2027 for the IPO, but only if market conditions are right.
<h2 id="the-cybersecurity-funding-landscape”>The cybersecurity funding landscape
What’s interesting is who’s investing here. Goldman Sachs Alternatives leading makes perfect sense – they’re known for taking companies public. But Alphabet’s CapitalG participating is noteworthy too. Google’s venture arm doesn’t just throw money around, so they must see something special in Armis’s approach to device security. And the fact that this came out of broader stake sale discussions suggests there was serious interest from multiple directions. In a market where some cybersecurity funding has cooled, Armis is clearly bucking the trend.
The billion-dollar ARR race
Dibrov dropped an interesting detail – he says they’ll go public before hitting $1 billion in ARR, which suggests they’re confident they can get pretty close to that milestone. Looking at their growth trajectory, doubling ARR in under 18 months is no small feat. The question is whether they can maintain that pace as they scale. The cybersecurity market is crowded, but the specific niche of unmanaged device security is still relatively untapped. If they can continue executing while the market for connected devices explodes, that $1 billion ARR target might not be as far off as it seems.
