Illumio has announced a US$225 million Series F funding round at a US$2.75 billion valuation designed to significantly reduce cyber attack and ransomware risk with Zero Trust Segmentation.
After Colonial Pipeline, JBS and Microsoft Exchange experienced major security breaches and daily incidents of smaller ransomware payouts, the entire security model is in question, despite security spending that is expected to top a reported total of US$150 billion this year.
According to Andrew Rubin, CEO and co-founder of Illumio, adopting Zero Trust strategies has never been more important for organisations across all industries, as the Biden administration’s recent cyber security executive order outlined.
"While no single product or platform equals a complete Zero Trust approach, segmentation is a core pillar of every Zero Trust strategy,” Rubin said.
“With this funding, we will accelerate our innovation in product and engineering, further invest in customer success, and build upon our global partner strategy.
"Zero Trust strategy is the new model, designed to assume breach at all times.
"This investment signals that now is the time to reimagine the cybersecurity model as we know it, with Zero Trust Segmentation playing a fundamental role in this strategic shift.”
Illumio pioneered Zero Trust Segmentation and the SaaS platform. It is designed to deliver automated enforcement in minutes, aiming to reduce risk by stopping successful cyber attacks and ransomware from moving to other applications, clouds, containers, data centres and endpoints.
"The catastrophic ransomware attacks (JBS, Colonial Pipeline, Microsoft Exchange, SolarWinds) made it clear that the security model is broken and an 'assume breach' mentality," Rubin added.
"Breaches happen and we need to be more resilient when they do. Now, with President Biden’s Executive Order, Zero Trust Segmentation has been made a key pillar in mitigating these types of breaches, and boosting cyber resilience.
"A Zero Trust Segmentation approach not only provides a competitive advantage, but is also crucial in protecting critical data and infrastructure.
"For the first time, we’re watching breaches have a physical, real-world impact and become a top priority for national security."
Illumio's simple, cloud-native Zero Trust Segmentation is designed to segment hybrid, multi-cloud IT estates and to secure workloads at any scale, from 100 to 100,000+ workloads with ease via Illumio Core and Illumio Edge.
"This funding round will allow us to accelerate our innovations in product and engineering, so that Illumio can uphold its role as the market leader in Zero Trust Segmentation and bolster cyber resiliency in every sector," Rubin added.