Segmented security startup Illumio raises $65M in Series E round


Illumio has raised $65 million in its latest round of funding led by J.P. Morgan Asset Management, the security startup has confirmed.

The news comes just weeks after the company was expected to announce a $50 million Series E round, but was delayed after a late addition pushed the figure up.

The data-center monitoring and cloud security company focuses on network segmentation. By isolating critical applications and data centers from the rest of the network, Illumio makes data leaks and breaches far more difficult to spread. That containment stops hackers from pivoting and navigating through a network in an “Equifax-style” attack.

In just six years, the company has exploded in growth, running through several rounds of funding accumulating more than $330 million to date, amassing huge clients like BNP Paribas, Morgan Stanley, Oracle NetSuite and Salesforce. And, the funding lands just a few months after the company obtained FIPS 140-2 certification, allowing it to run on federal government networks of low classification, opening the company up to another burgeoning market.

“With this latest round of funding, we’re investing more in all parts of the business to meet market demand and continue to enable our customers to prevent the spread of breaches in their global infrastructures,” said Andrew Rubin, Illumio’s chief executive.

Specifically, the company said the $65 million will go across its entire business to grow into Europe, the Middle East and Africa — where its headcount has increased by more than fourfold; as well as Asia, and the U.S. where its headquarters is located.

Illumio neither said now nor previously what its valuation is. At its last Series D round of $125 million in mid-2017, the company was said to be worth upwards of $1 billion. For its part, Illumio self-stylizes as a startup unicorn but wouldn’t comment further when pressed.

Along with its funding news, Illumio added that it’s hired Anup Singh as chief financial officer to focus on the company’s continued growth, and it’s also appointed Jonathan Reiber, a former Pentagon chief strategy officer for cyber policy, as Illumio’s new head of cybersecurity strategy. And, angel investor John Hinshaw was appointed to the company’s board.

After five rounds of funding, Illumio is on a list of anticipated IPOs for later this year. When asked about its plans, the company didn’t comment.

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