Illusive Networks announced it has reached significant milestones in customer adoption: growing at a rate of 228% in new annual recurring revenues over 12 months, another funding round, and strategic new hires.
The $24 million B1 round of funding had wide participation from new investors alongside existing investors – Spring Lake Equity Partners, Marker, New Enterprise Associates, Bessemer Venture Partners, Innovation Endeavors, Cisco, Microsoft, Citi and others.
Ofer Israeli, CEO and founder, Illusive Networks, said: “Our rapid growth is a testament to the need for our solution, especially with the rise of cyber-attacks and the complexity of securing remote workers which makes our products more critical at this time.
“We are also thrilled about the tremendous momentum we are seeing with our strategic partnerships like Microsoft; last week Illusive was announced as the only deception vendor with a Microsoft “co-sell” ready status.”
This funding round will be used to accelerate the company’s next phase of growth driven by an aggressive go-to-market strategy that focuses on sales and marketing expansion and further investment and product enhancements for securing cloud workloads.
Jeff Williams, founding partner, Spring Lake Equity Partners, said: “Cyber-attackers are savvier than ever in evading security monitoring and controls. The next level of cybersecurity needs to be deterministic, not reactionary.
“Illusive will also further invest in cloud security and make product enhancements that are critical as enterprises are increasing their deployment of workloads in the cloud. That’s why Illusive will continue to grow and why it’s a company worth investing in.”
Illusive Networks is gaining market share at a time when validation and support for deception and active defense continue to grow. Having a proactive defense strategy is now recognized as a critical layer of the security stack, as highlighted by the MITRE SHIELD Framework.
Dave DeWalt, Vice Chairman of Illusive and Founder of NightDragon, said: “Despite massive investments, enterprises continue to suffer data breaches.
“The Illusive solution enables the active layer of defense that deterministically detects attackers in the network who are leveraging stolen credentials or stealing sensitive data. This is a critical layer of defense that enterprises need to deploy.”
Illusive has also brought on several strategic new hires to lead the company into a new era of growth and continues investment in the go-to-market strategy. These include Bob Horn, chief revenue officer; Nicole Bucala, vice president of business development; and Claire Trimble, chief marketing officer.