Illusive Networks Raises $24 Million in Series B1 Funding Round

Network security company Illusive Networks this week announced that it has raised $24 million in a Series B1 funding round.

The latest investment, which brings the total raised by the company to $54 million, saw participation from Spring Lake Equity Partners, Marker, New Enterprise Associates, Bessemer Venture Partners, Innovation Endeavors, Cisco, Microsoft, Citi and others.

The company says it plans on using the money to accelerate growth and improve its products, particularly ones designed for securing cloud workloads.

Illusive Networks offers solutions designed to help organizations prevent and detect attacks, and respond to incidents. The company says its platform reduces attack surface and prevents lateral movement by creating what it calls a “hostile environment” for the attacker.

Illusive also announced that it has hired several new people in strategic roles, including Bob Horn as chief revenue officer, Nicole Bucala as VP of business development, and Claire Trimble as chief marketing officer.

The company claims its annual recurring revenue has increased by 228% over the past year.

“Despite massive investments, enterprises continue to suffer data breaches. The Illusive solution enables the active layer of defense that deterministically detects attackers in the network who are leveraging stolen credentials or stealing sensitive data. This is a critical layer of defense that enterprises need to deploy,” said Dave DeWalt, vice chairman of Illusive and founder of cybersecurity investment and advisory firm NightDragon.

Related: Enterprise Device Security Company Eclypsium Raises $13 Million

Related: Developer Security Firm Snyk Raises $200 Million at $2.6 Billion Valuation

Related: Secure Access Provider Axis Security Raises $32 Million

Related: Malware Detection Company AffirmLogic Raises $25 Million

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Eduard Kovacs (@EduardKovacs) is a contributing editor at SecurityWeek. He worked as a high school IT teacher for two years before starting a career in journalism as Softpedia’s security news reporter. Eduard holds a bachelor’s degree in industrial informatics and a master’s degree in computer techniques applied in electrical engineering.

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