According to CNBC, cybersecurity startup Armis has raised $435 million in a funding round that values the company at $6.1 billion. Goldman Sachs Alternatives’ growth equity fund anchored the investment, with participation from Alphabet’s CapitalG and new investor Evolution Equity Partners. The company, founded in 2016, announced in August that it surpassed $300 million in annual recurring revenue, achieving that milestone less than a year after hitting $200 million. CEO Yevgeny Dibrov told CNBC the funding resulted from earlier stake offer talks and that Armis is aiming for an IPO at the end of 2026 or early 2027, though he’s waiting on market conditions. The company’s primary goal is reaching $1 billion in annual recurring revenue, with the CEO noting “going public will be before that.”
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The IPO timeline
Here’s the thing about Armis’s approach to going public – they’re playing the long game. Most startups would be rushing to IPO with these numbers, but Dibrov is clearly waiting for the perfect window. Late 2026 or early 2027 gives them nearly two years to keep growing that recurring revenue. And honestly, that’s smart. The public markets have been brutal to tech companies that IPO’d too early or at the wrong time. By waiting until they hit that $1 billion ARR target, they’re basically ensuring they’ll go public as a mature, proven business rather than a growth-at-all-costs startup.
The revenue engine
Let’s talk about that revenue growth for a second. Going from $200 million to $300 million in ARR in under a year is seriously impressive, especially in today’s economic climate. They announced hitting $300 million ARR in August, which came after they’d previously doubled their ARR in less than 18 months. That kind of momentum is exactly what investors want to see. It suggests they’ve found product-market fit in the cybersecurity exposure management space and are executing well. The fact that they’re already talking about $1 billion ARR tells you they see a massive runway ahead.
Why investors are betting big
Goldman Sachs doesn’t just throw $435 million at any company. They specifically chose their growth equity fund, which has a track record of helping companies accelerate toward IPOs. That’s basically Goldman saying “we think this company is IPO-ready material.” And when you look at Armis’s focus on securing internet-connected devices, the timing makes sense. Every company is dealing with an explosion of connected devices – from sensors to smart office equipment – and securing that landscape is becoming increasingly critical. Dibrov wasn’t kidding when he said there’s “very unique and huge demand right now.”
The funding context
This isn’t Armis’s first rodeo when it comes to big funding rounds. They raised $200 million back in October 2024 at a $4.2 billion valuation, and they did a $100 million secondary offering in July. So what we’re seeing is a company that’s consistently attracting major institutional investors while steadily increasing its valuation. The jump from $4.2 billion to $6.1 billion in less than a year shows that investors are willing to pay up for growth in the cybersecurity space, especially for companies with clear paths to profitability and public markets.
