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Cybersecurity Startup Illumio Raises $225M At $2.75B Valuation

Cybersecurity Startup Illumio Raises $225M At $2.75B Valuation

June 24, 2021 at 09:06PM
by PYMNTS

Security startup Illumio has hit a valuation of $2.75 billion after reeling in $225 million in a Series F funding round, according to a press release.

The company will use the money to expand its products, engineering and global partner strategy, the release stated.

Illumio uses Zero Trust Segmentation to fight cyberattacks and ransomware “by stopping successful attacks from moving to other applications, clouds, containers, data centers and endpoints,” according to the release.

The strategy is in line with President Joe Biden’s recent executive order calling for cybersecurity to have a “Zero Trust” design, the release stated. Biden is seeking stepped-up authentication after hackers recently disrupted the Colonial Pipeline, a major gas and fuel pipeline that serves the East Coast and demanded (and got) ransom.

“Adopting Zero Trust strategies has never been more important for organizations across all industries,” said Illumio CEO and Co-Founder Andrew Rubin in the release, adding that “now is the time to reimagine the cybersecurity model as we know it.”

The Sunnyvale, California, company said in the release that the funding round was led by Thoma Bravo and was also supported by Franklin Templeton, Owl Rock (a division of Blue Owl Capital) and funds managed by Hamilton Lane.

“As the volume and sophistication of cyberattacks increases, Zero Trust Segmentation is set for a breakthrough moment…” said Thoma Bravo Partner Robert (Tre) Sayle in the release. “Illumio plays a critical role in protecting some of the largest organizations in the world and is well-positioned to build upon its record-breaking growth with continued sales momentum and product innovation.”

Illumio has gained “significant traction” in its federal business, including the recent win of a U.S. Air Force contract award, according to the release. Forrester Research named Illumio a leader in Zero Trust platforms.