According to CNBC, cybersecurity startup Armis has raised $435 million in a funding round that values the company at $6.1 billion. Goldman Sachs Alternatives’ growth equity fund anchored the investment, with participation from Alphabet’s CapitalG and new investor Evolution Equity Partners. CEO Yevgeny Dibrov said the company chose Goldman specifically for its track record helping companies accelerate toward IPOs. Armis, which helps businesses secure internet-connected devices, surpassed $300 million in annual recurring revenue in August and is now aiming for an IPO at the end of 2026 or early 2027. The company’s primary goal is hitting $1 billion in ARR, with Dibrov noting “going public will be before that” milestone.
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The funding frenzy continues
This isn’t Armis’s first rodeo when it comes to big money. They just raised $200 million in October 2024 at a $4.2 billion valuation, and now they’re already up to $6.1 billion just months later. That’s some serious acceleration. And let’s not forget they did a $100 million secondary offering in July too. Basically, investors are throwing money at this company faster than you can say “cybersecurity.”
Impressive growth trajectory
Here’s what’s really telling: Armis went from $200 million ARR to $300 million ARR in less than a year. That kind of growth in the current economic climate? It’s pretty remarkable. The company’s focus on securing internet-connected devices—everything from medical equipment to factory sensors—clearly hits a nerve as businesses grapple with securing their expanding digital footprints. When you look at how quickly they surpassed that $300 million ARR milestone, it’s obvious there’s real demand for what they’re selling.
The IPO waiting game
Dibrov says they’re targeting late 2026 or early 2027 for their public debut, but he’s playing it cool about timing. “Waiting on market conditions” is the official line, which is basically code for “we’ll go when investors are hungry for tech IPOs again.” The interesting part is his comment that they’ll go public before hitting $1 billion in ARR. That suggests they’re confident the public markets will reward their growth story even before reaching that magic number. Smart move, really—strike while the iron’s hot rather than waiting for perfection.
The bigger picture
What’s fascinating here is that despite all the talk about a funding winter and economic uncertainty, top-tier cybersecurity companies are still commanding premium valuations. Armis’s ability to secure this kind of funding at this valuation shows that investors see cybersecurity as non-negotiable spending, regardless of the economic cycle. And with Goldman Sachs leading the round—a firm known for shepherding companies to successful IPOs—this feels like the final private funding round before the big show. The question isn’t if Armis will go public, but how high they can fly when they do.
