As organisations increasingly turn to firms like Illumio to address the digital security concerns generated on by their transition to remote work, the pandemic has boosted venture capital investments in the cybersecurity area.
Illumio announced on Thursday that it has raised $225 million in a funding round led by private equity firm Thoma Bravo, valuing the cybersecurity startup at $2.75 billion.
Illumio, which helps businesses secure their digital operations from breaches and compromises, serves customers which include enterprise software company Salesforce.Com Inc, as well as financial institutions Morgan Stanley and the Bank of England.
To prevent breaches, “zero trust” believes that there is no trust between networks, devices, or people, and requires constant real-time authentication.
Commenting on the development, Andrew Rubin, chief executive officer and co-founder of Illumio, which operates on the “zero trust” principle, said “Adopting Zero Trust strategies has never been more important for organizations across all industries, as the Biden Administration’s recent cybersecurity Executive Order demonstrates,”