This week, network security firm Illusive Networks reported it had raised $24 million in a funding round for Series B1.
Spring Lake Equity Investors, Marker, New Business Associates, Bessemer Venture Partners, Tech Endeavors, Cisco, Microsoft, Citi, and others invested in the latest funding, which takes the sum earned by the firm to $54 million.
The company says it plans to use the money to speed up growth and enhance its products, especially those designed to secure cloud workloads.
Illusive Networks provides solutions designed to help prevent and detect attacks and respond to incidents by organizations. By building what it terms a “hostile atmosphere” for the intruder, the firm says its platform decreases the attack surface and avoids lateral movement.
Illusive has reported that it has recruited a variety of new individuals in strategic positions, including Bob Horn as Chief Sales Officer, Nicole Bucala as VP of Corporate Growth, and Claire Trimble as Chief Marketing Officer.
Over the past year, the company claims its annual recurring revenue has increased by 228 percent.
Enterprises continue to suffer data breaches despite massive investments. The Illusive solution allows the active layer of defense to detect attackers in the network that leverage has stolen credentials or steal sensitive data deterministically. Dave DeWalt, vice chairman of Illusive and founder of cybersecurity investment and consulting company NightDragon, said that this is a crucial layer of protection that companies need to deploy.