Cybersecurity is a huge field, but startups in the category are more likely to be acquired than to go public. Even Wiz, which for a time held the title of fastest-growing startup, abandoned its IPO aspirations when it agreed to sell to Google earlier this year.
In recent years, there have been few major cybersecurity listings: SentinelOne IPO’d in 2021, Rubrik did so last year, and Netskope went public in September.
Armis, a nine-year-old cybersecurity startup based in San Francisco, plans to follow in those companies’ footsteps. The company said Wednesday it raised a $435 million pre-IPO round led by Growth Equity at Goldman Sachs Alternatives. CapitalG made a significant investment in the round, while new investor Evolution Equity Partners also participated.
The round values Armis at $6.1 billion, a significant jump from the $4.5 billion IPO valuation the startup announced in August.
Armis hopes to launch its IPO in late 2026 or early 2027, Armis co-founder and CEO Yevgeny Dibrov (pictured above right) told TechCrunch.
The round comes in the wake of significant takeover interest in the company. In September, Bloomberg reported that Armis had received seven offerswhich included a potential $5 billion bid from private equity firm Thoma Bravo.
But this new funding is an indicator of how serious Armis is about an IPO, a move Dibrov described as his “personal dream.”
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According to Dibrov, Armis has achieved annual recurring revenue of $300 million and plans to increase that to $500 million while being cash flow positive before its IPO.
The startup is already “behaving like a public company,” Dibrov said, adding that the company is making sure it hits its quarterly financial targets.
The company provides critical infrastructure security software to Fortune 500 companies, national governments, and state and local entities.
