Cybersecurity startup Illumio raises $65 million, hires CFO Anup Singh

Cybersecurity startup Illumio just raised a major round of funding that will help it take on Cisco and VMware. And on top of that, it just hired a CFO, ahead of its grand vision of going public some day.

On Thursday, Illumio announced the closing of $65 million in Series E funding, in a round led by clients advised by J.P. Morgan Asset Management. In total, it has raised $332.5 million in funding.

Although he did not disclose its valuation, CEO and co-founder Andrew Rubin says it’s was “a significant uptick from our series D” in 2017. At that time, Illumio had a valuation of $1.18 billion, according to Pitchbook.

Illumio also announced it hired Anup Singh, who had previously worked as CFO of Anaplan. Illumio declined to comment on the possibility of one day going public, but having a CFO will help it build a sustainable and durable company that will make it possible to, perhaps, have an IPO, says Rubin.

“Whether we have an IPO along or not remains to be seen, but the reason why I joined is to continue to scale the company to the next level,” Singh told Business Insider. “The company has a lot of opportunities to grow to a very large company. We have built a world class team. I’m super excited to work alongside the team in continuing to build the company.”

Illumio, which started six years ago, has grown to a 330-person global company. With the funding, Illumio plans to expand the company’s footprint and market strategy.

Rubin recalls that when he first co-founded the company, the service Illumio provides — a specific type of cybersecurity tech, called segmentation — wasn’t very well known. Illumio’s brand of segmentation creates virtual “zones” in data centers and the cloud, so that that each applications can be individually isolated and secured.

“In all early markets, it feels like you have to evangelize why something is important,” Rubin told Business Insider. “We do not feel that way anymore. The market and customers have come around to the realization that segmentation is no longer something that seems interesting and new.”

Read more:7 cybersecurity startups to bet your career on in 2019

Rubin says Illumio’s platform is similar to an MRI machine, except instead of scanning the inside of your body for problems, it maps out applications, building a picture of how different components “talk” to each other and identifying vulnerabilities.

This feature makes Illumio stand out from its larger competitors, Rubin says. What’s more, Illumio’s technology works for both cloud and on-premises workloads.

“It allows you to find and discover things that shouldn’t be there,” Rubin said. “Our competitors have come around to that realization. Our map and visibility is a big differentiator.”

Rubin says that one of the biggest misconceptions about Illumio is that it’s best for financial services; a reputation it gained when Morgan Stanley signed on as one of its early major customers. However, Illumio has been used in government, retail, education, energy and more, says Rubin, with relevance in even more industries.

“It solves a problem that’s a relatively new but very big problem,” Rubin said. “I think that challenge of being willing to think outside of the box of building something that had never been built before, figuring out how to sell and market it — I also think it’s the reason why the opportunity is as large as it is.”

Source link

more recommended stories

  • ‘El Chapo’ lawyers may challenge conviction over juror remarks

    NEW YORK (Reuters) – Mexican drug.

  • How PEZ Is Made – Business Insider

    Following is a transcript of the.

  • A worker was killed by an exploding tire at John Wayne Airport, SNA

    A worker at John Wayne Airport.

  • FBI had backup plan to preserve Russia investigation evidence: report

    WASHINGTON (AP) — The FBI developed.

  • If he wins, Bernie Sanders would be the oldest president in US history

    Sen. Bernie Sanders, I-Vt., reacts during.

  • Trump urges Venezuela’s military to back Juan Guaido

    President Donald Trump urged Venezuelan military.

  • Facebook acts like ‘digital gangsters,’ says Damian Collins committee

    British lawmakers have accused Facebook of.

  • Four people died in a 12-hour hostage standoff in Mississippi

    Law enforcement officials confirmed four people.

  • Migrant caravan members giving up on trying to enter US amid new policies

    Over 2,000 members of the migrant.

  • Charles Barkley tried to get Dirk Nowitzki to Auburn in hilarious story

    The first time Dirk Nowitzki met.

  • Why Conservative MPs now believe Theresa May’s Brexit deal will pass

    LONDON — When Theresa May’s Brexit.

  • Movies you should watch on Netflix this weekend

    There’s so much content coming and.

  • Umami Burger’s Impossible patty recipe is leads the meatless revolution

    Veggie burgers are not typically regarded.

  • California Gov. Gavin Newsom answers Trump tweet on high-speed rail

    California’s newly sworn-in Gov. Gavin Newsom.

  • Theresa May set for another Commons defeat as Brexiteers threaten to reject her Brexit plans

    LONDON — Theresa May faces a.

  • One of Wall Street’s biggest banks just revealed a massive stake in Twitter — and the company’s stock is soaring (TWTR)

    Richard Drew/AP Morgan Stanley said in.

  • Mackenna Kelly is making $1,000 a day making ASMR videos

    ASMR, short for autonomous sensory meridian.

  • Key chart for the global economy, according to Capital Economics

    The global economy is at something.

  • The real purpose of Russia’s ‘Poseidon’ nuclear doomsday device

    Ever since 2015 when images of.

  • Martin Scorsese’s Netflix movie ‘The Irishman’ de-aging explained

    Ever since Martin Scorsese and Robert.

  • 2019 Grammys best celebrity outfits

    On Sunday, the music industry’s biggest.

  • Theresa May will plea with MPs to buy more time to renegotiate Brexit deal

    LONDON — Theresa May will plead.

  • How a call to abolish billionaires made its way into the mainstream

    For the first time on a.

  • Turning Point USA’s Candace Owens slammed over Hitler comments

    Candace Owens, a top figure in.

  • Democrats are calling on Virginia Lt. Gov. Justin Fairfax to resign

    Lawmakers — including several Democratic presidential.

  • Stock market news: Trump trade war uncertainty send markets lower

    President Trump’s suggestion that he won’t.

  • Pressure is mounting on Virginia Lt. Gov. Justin Fairfax to resign

    Pressure is mounting on Virginia Lt..

  • Facebook to award employee bonuses for ‘social good’

    Facebook is coming up with ways.

  • Kate Middleton brought a family photo to a school’s show-and-tell

    The Duchess of Cambridge today showed.

  • Howard Schultz wants to run for president in 2020. Why?

    For years rumors of presidential ambitions.

  • Anthony Davis trade request throwing off Celtics trade, free-agency plans

    Anthony Davis’ trade request from the.

  • 10 things in tech you need to know today, February 4

    Microsoft’s Face API. Microsoft Good morning!.