Cybersecurity is a massive sector, but startups in the category are more likely to be acquired than go public. Even Wiz, which for a time held the title of the fastest-growing startup, abandoned its IPO ambitions when it agreed to sell to Google earlier this year.
In the past few years, there have been scant few significant cybersecurity listings: SentinelOne IPO’d in 2021, Rubrik did so last year, and Netscope went public in September.
Armis, a nine-year-old cybersecurity startup based out of San Francisco, intends to follow in these companies’ footsteps. The company said on Wednesday that it has raised a $435 million pre-IPO round led by Growth Equity at Goldman Sachs Alternatives. CapitalG made a significant investment in the round, and new investor Evolution Equity Partners also participated.
The round values Armis at $6.1 billion, a meaningful jump from the $4.5 billion tender offer valuation the startup announced in August.
Armis is hoping to launch its IPO in late 2026 or early 2027, its co-founder and CEO, Yevegny Dibrov (pictured above; right), told TechCrunch.
The round comes in the wake of significant acquisition interest in the company. In September, Bloomberg reported that Armis had received seven offers, which 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 which Dibrov described as his “personal dream.”
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According to Dibrov, Armis has reached annual recurring revenue of $300 million, and plans to take that figure to $500 million while becoming cash flow positive before its IPO.
The startup is already “behaving like a public company,” Dibrov said, adding that the company is ensuring it hits its quarterly financial targets.
The company provides security software for critical infrastructure to Fortune 500 companies, national governments, and state and local entities.
