Internet of Things (IoT) focused Cybersecurity firm ForeScout, Inc. has raised $76 million Series G in a round led by Wellington Management Group and a number of undisclosed investors. Including the new round, ForeScout has raised $121.63 million to date.
This new round for the Israeli-U.S. cyber startup which was raised on a $1 billion valuation means that the company now has obtained unicorn status.
Unicorn is the term for an elite group of high-tech startups with valuations in excess of $1 billion. Now valued at $1 billion, ForeScout said it had tripled its valuation over the past 18 months, while surpassing $125 million in revenue in fiscal 2015.
ForeScout was founded in 2000 by three Israelis: Prof. Hezy Yeshurun, who is also chairman; Oded Comay (now chief technology officer); and Dror Comay, who holds the position of chief architect. The firm has a research and development office in north Tel Aviv that employs 150 people. Its CEO, however, is American Michael DeCesare, a former CEO at McAfee, and its headquarters is in Campbell, California.
ForeScout’s technology helps corporate information technology departments detect devices on their networks that they might not know about, such as a visitor to company offices plugging in his laptop to a port in a conference room or a hacker gaining access to a networked printer.
Users are able to control devices when they are connected to the network and orchestrate information sharing and operation among various different types of security tools to accelerate incident response.
As ForeScout joins the pack of companies worth a billion or more, Mr. DeCesare said the startup will hold its own at a time when many are concerned companies are being overvalued. He said the company has maintained a low burn rate while growing revenue almost 5o% each year.
Though investments in cybersecurity are on the rise, ForeScout will be one of only a handful of security companies valued at more than $1 billion. CloudFlare, a company that deflects denial of service attacks, and Tanium, a startup that helps governments track which computers hackers have breached, both have surpassed the $1 billion mark.
The company said additional capital will be used to expand global field operations, build a support organization and increase research and development efforts in the Internet of Things security market.