Cybersecurity startup ForeScout Technologies has raised $76 million. The company value at $1 billion after the money.
ForeScout has raised $80 million to date before this financing round since it was founded in 2000,.
The round led by Wellington Management. Investors include Pitango, which led the company’s first financing round in 2001, Accel Partners, Amadeus and others. Partner Rami Kalish serves on the board of directors.
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The company has achieved in excess of 50 percent compounded annual growth rate since 2012, having grown at that scale while operating near free cash flow neutral.
ForeScout founded by Chairman Prof. Hezy Yeshurun, CTO Oded Comay, and senior manager Doron Shikmoni. Headquarters in California, and development center is in Tel Aviv with 150 employees.
The capital raised will be used to increase R&D efforts to accelerate leadership in the Internet of Things (IoT), and build a world-class support organization
Gartner predicts there will be 30 billion connected devices by 2020.
CEO of ForeScout, Michael DeCesare, said: “It took 25 years for the world to get to 5 billion connected devices,
With the explosion of the IoT we’ll see around 30 billion by 2020 an entirely new approach to security is required.
Device proliferation and IoT deployments are easy entrances for cyber criminals if not detected and protected. With agentless visibility, intuitive automated controls and a commitment to integrating with leading security and IT management solutions, ForeScout is well-positioned to own the burgeoning IoT security market.”