Why Georgian Invested in Armis (Again)

Armis offers visibility, security and risk management to enterprises across the Internet of Things (“IoT”) / Operational Technology (“OT”) market. Armis’ platform enables companies to see, secure, and manage their most critical assets in real time – from IoT, OT, and medical devices to cloud, code and software assets. Today, Armis tracks approximately 5 billion devices daily and counts 35+ Fortune 100 companies as its customers.¹

Georgian initially invested in Armis’ Series A round in early 2020. At the time, Georgian observed the flexibility and efficacy of Armis’ agentless technology and believed in the company’s potential to impact the nascent IoT / OT market. 

Georgian also invested in Armis’ Series B and C rounds, as the company reached its first $100 million of annual recurring revenue (“ARR”). Over the last 18 months, Armis has grown its ARR from $100 million to $200+ million.

More importantly, we remain excited about the journey ahead, and are pleased to announce that we’ve invested in Armis’ $200 million Series D round. We invested out of our Alignment Fund II, which enables Georgian to follow on in existing Growth Fund investments and support our companies across multiple stages of their growth story. 

Why Armis?

1. Armis operates in a fast growing market. Armis’ core IoT / OT market  is significant and growing. The number of connected assets – inclusive of IoT, OT, and Internet of Medical Things (“IoMT”) – is expected to grow from 23.8 to 41.2 billion by 2025.¹ The proliferation of IoT and OT endpoints and the resulting risk of cyberattack has contributed to this surge in growth. 

2. There is significant whitespace remaining. Despite the demand for IoT security and abundance of devices, customer penetration remains low as legacy devices and equipment are operated independently. Approximately 78% of manufacturers believe IoT devices are more vulnerable than corporate computers. As these manufacturers move their devices “online”, we believe that Armis has a significant opportunity to increase customer adoption. Armis is capitalizing on this opportunity by expanding to specialized industries, like government and healthcare, and has even developed an “Armis for Medical Devices” product to help secure medical devices. 

3. Armis offers a complete platform. Armis has become an end-to-end platform for IoT / OT security, from discovery to remediation. Armis’ recent acquisitions of Silk Security and CTCI have  established the company as a comprehensive platform provider through its Armis Centrix+  and VIPR products. These products have helped the company create more robust vulnerability management and threat detection and response offerings.

Led by its co-founders, Yevgeny Dibrov and Nadir Izrael, the Armis team has built a differentiated platform, and we look forward to supporting the company as it continues to grow. The additional capital is expected to support Armis as it continues with its 5-year strategy to build a multi-generational cybersecurity company, fuel strong organic product innovation and global go-to-market programs, and  take advantage of inorganic growth opportunities. To learn more about the company, please visit armis.com. 

[1] Armis, 2024.