Cybersecurity is a huge field, but startups in this space are more likely to be acquired than to go public. Even Wiz, which once held the title of fastest-growing startup, abandoned its IPO ambitions when it agreed to sell to Google earlier this year.
In recent years, there have been very few major cybersecurity companies going public. SentinelOne went public in 2021, Rubrik went public last year, and Netscope went public in September.
Armis, a nine-year-old cybersecurity startup based in San Francisco, plans to follow in the footsteps of these companies. The company announced Wednesday that it has raised $435 million in a pre-IPO round led by Goldman Sachs Alternatives Growth Equity. CapitalG made a significant investment in the round, with new investor Evolution Equity Partners also participating.
The round values Armis at $6.1 billion, a significant increase from the company's announced takeover offer in August, which valued it at $4.5 billion.
Armis hopes to launch an IPO in late 2026 or early 2027, co-founder and CEO Yevegny Dibrov (pictured above, right) told TechCrunch.
This round comes in the wake of significant acquisition interest in the company. In September, Bloomberg reported that Armis had received seven offers, including a potential $5 billion bid from private equity firm Thoma Bravo.
But the new funding is an indicator of how serious Almis is taking its IPO, which Dibroff described as a “personal dream.”
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Dibroff said Almis has annual recurring revenue of $300 million and plans to increase that number to $500 million while achieving positive cash flow by the IPO.
Dibroff said the startup was already “acting like a publicly traded company,” adding that it was ensuring quarterly financial targets were met.
The company provides security software for critical infrastructure to Fortune 500 companies, national governments, and state and local governments.