2 Min Read
(Reuters) - Cyber security firm Illumio said on Wednesday that it has raised $125 million in a funding round led by J.P. Morgan Asset Management that will help finance product development and international expansion as the unprofitable, privately-held company looks to increase sales.
Existing investors including Andreessen Horowitz, General Catalyst, 8VC, Accel and DCVC were among the participants in the Series D round, which brought total funding to $267 million, Illumio said.
The new funding valued Sunnyvale, California-based Illumio at $1.18 billion, up from $1 billion in an April 2015 financing that raised $100 million, according to PitchBook Data.
The company declined to comment on that estimate.
Illumio sells software that large organizations use to segment computers from each other in a bid to prevent hackers from gaining access to large networks by compromising a single machine. Competitors include VMware Inc (VMW.N) and Cisco Systems Inc (CSCO.O).
The company plans to use the funds to expand its sales, marketing and customer service operations as it enters new markets in Europe and Asia, Chief Executive Andrew Rubin said in a telephone interview.
Rubin said he is focused on growth, not turning a profit, because the company wants to establish itself as a leader in the rapidly-growing market for network segmentation technology.
He declined to discuss the company's sales performance or targets.
"We've been fortunate to be well-funded since very early on," Rubin said. "Profitability is not an issue in a rapidly-growing space - as long as you are growing rapidly and leading."
Reporting by Jim Finkle in Toronto, editing by G Crosse