Israeli cybersecurity company Illusive Networks, focused on deception tech and cyber defense, raised $24 million in a funding round led by new and existing investors including Spring Lake Equity Partners,Bessemer Venture Partners, Innovation Endeavors, Cisco, Microsoft, and Citi.
Illusive Networks, a Team 8 portfolio company, made the announcement on Wednesday and said it was growing at a rate of 228 percent in new annual recurring revenues over 12 months.
Ofer Israeli, CEO and founder of Illusive Networks, said: “Our rapid growth is a testament to the need for our solution, especially with the rise of cyber-attacks and the complexity of securing remote workers which makes our products more critical at this time.”
Illusive’s solutions work by creating a hostile environment for attackers, hindering their progress towards critical assets after breaching the perimeter. “Illusive identifies and removes the vulnerable connections and credentials that enable attackers to move undetected, and then replaces them with deceptive versions that fool attackers into revealing their presence upon engagement,” the company explains.
Late last month, Illusive Networks expanded an existing partnership with Microsoft, joining the Microsoft Intelligent Security Association (MISA), to bring Illusive’s active defense platform and Microsoft security products to enterprise customers worldwide. Illusive Network’s three product modules, Attack Surface Manager, Attack Detection System, and Attack Intelligence System, also all became available via the Microsoft Azure Marketplace, and integrated across a range of Microsoft products to protect Azure users.
“We are also thrilled about the tremendous momentum we are seeing with our strategic partnerships like Microsoft,” added Israeli.
Illusive said the funding will be used to for sales and marketing expansion and further product enhancements for securing cloud workloads.