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Zero trust unicorn Illumio closes $225M Series F led by Thoma Bravo – TechCrunch

Zero trust unicorn Illumio closes $225M Series F led by Thoma Bravo – TechCrunch

Illumio, a self-proclaimed zero-trust unicorn, closed a $ 225 million Series F funding round at a valuation of $ 2.75 billion.

The round was led by Thoma Bravo, who recently bought cybersecurity provider Proofpoint for $ 12.3 billion, and backed by Franklin Templeton, Hamilton Lane and Blue Owl Capital.

The cycle lands more than two years after Illumio’s Series E funding cycle, in which it raised $ 65 million and fueled speculation about an impending IPO. Company founder Andrew Rubin is still not ready to ask if the company plans to go public, although he told TechCrunch: “If we do our job well and we make our customers successful. , I would like to think that would be part of our trip.

Illumio’s latest round of funding comes at the right time. Not only does this come amid a huge increase in successful cyber attacks showing that some of the more traditional cybersecurity measures are no longer working, from the SolarWinds hack in early 2020 to the more recent attack on Colonial Pipeline, it is happening. Also just weeks after President Joe Biden issued an executive order urging federal agencies to implement major cybersecurity initiatives, including a zero trust architecture.

“And just a few weeks ago, Anne Neuberger [deputy national security adviser for cybersecurity] Post a memo on the White House for all US businesses that we are living in a ransomware pandemic, and here are six things we implore you to do, ”said Rubin. “One of them was to segment your network.”

Illumio focuses on protecting data centers and cloud networks through what it calls micro-segmentation, which it says makes it easier to manage and protect against potential breaches, as well as contain a breach. if it happens. According to Illumio, this zero-trust approach to security – a concept centered on the belief that businesses should not automatically trust anything inside or outside its perimeters – has never been so good. important for organizations.

“Cyber ​​events are no longer limited to cyberspace,” explains Rubin. “That’s why people are finally saying that after 30 years of relying solely on detection for our safety, we can’t rely on it 100% of the time. Zero confidence is now becoming the mantra.

Illumio told TechCrunch that it will use the newly raised funds to make a “huge” investment in its field operations and channel partner network, and to invest in innovation, engineering and its product.

The late-stage startup, founded in 2013 and based in California, says more than 10% of Fortune 100 companies, including Morgan Stanley, BNP Paribas SA and Salesforce, now use its technology to protect their data centers, networks and others. applications. It has experienced 100% international growth during the pandemic and says it is also expanding its customer base in more industries.

The company has raised more than $ 550 million from investors including Andreessen Horowitz, General Catalyst and Formation 8.

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