AllegisCyber Capital and NightDragon lead round to validate market demand for relationship-based application security
vArmour, the leading provider of Application Relationship Management, today announced it has raised $58M in its latest round of funding to accelerate company growth. The latest, oversubscribed round is led by AllegisCyber Capital and NightDragon, with support from existing investors Standard Chartered Ventures, Highland Capital Partners, Telstra, Redline Capital, and EDBI. vArmour has seen strong momentum, doubling net new annual recurring revenue year over year with a trajectory to exceed that in the next fiscal year.
The year 2020 saw an ever-increasing number of enterprises worldwide moving their applications and infrastructure to hybrid cloud environment. Gartner estimates that by 2024, more than 45% of IT infrastructure spending will shift to the cloud. However, conventional tools, applications, and processes have not kept pace. Organizations still cannot “see” in real-time how people and applications interact, impeding their ability to manage risk. vArmour is focused on solving this fundamental challenge through a novel approach called Application Relationship Management. This enables organizations to visualize and control relationships between every user, every application, and across every environment to ultimately better manage risk, increase resiliency, speed application deployment — all without adding costly new infrastructure components or agents.
AllegisCyber Capital has been instrumental in steering vArmour towards its accelerated growth. “Managing risk and resiliency in the hybrid cloud is one of the most significant security challenges for enterprises,” said Bob Ackerman, Founder and Managing Director at AllegisCyber Capital. “vArmour’s platform provides the visibility, controls, and accountability necessary to actively manage these challenges and has done this for hundreds of customers. We are ecstatic to be part of their next stage of growth.”
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“As applications become more complex, more distributed, and more targeted by attackers, the importance of full visibility into the relationships between applications becomes increasingly important,” said Dave DeWalt, founder of NightDragon. “vArmour’s approach to application relationship management ensures that enterprises of all sizes can continuously audit, respond, and control identity relationships to best protect their important IP, and mitigate risk to the business.”
vArmour’s focus and investment in product innovation and people are key drivers to their growth. Their latest offering, the Application Access & Identity Module, is equipping security and operations teams with unprecedented visibility and control over user access to critical applications, freeing up time and energy spent mining through thousands of relationship networks. Their new AI and ML research branch in Calgary, Canada is dramatically speeding up time to value for customers by using automation to make faster and more accurate business decisions. Investments in people will continue as they hire global go-to-market teams in Munich, Toronto, Singapore, and Melbourne, along with growing their research and development team in the Bay Area.
“Our innovation, partnerships, and overall customer momentum have been critical in helping us with our growth toward the path to the public marketplace,” said Tim Eades, CEO of vArmour. “By giving our customers unparalleled insights into their applications and the identity of each relationship, we equip them to make real-time decisions regarding their critical assets, which helps enhance both their security posture and their end-user experience.”
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