Illumio Valuation, Funding & Investors

Illumio is valued at $2.8B as of June 2021.

Last Illumio valuation

$2.8B

Series F · Jun 2021

Last Illumio funding round

$225M

Series F · Jun 2021

Cumulative funding Illumio raised

$558M

across 6 funding rounds

Key investors in Illumio

  • Andreessen Horowitz
  • Accel
  • General Catalyst
  • Putnam Premier IT
  • BAM Elevate
  • JPMorgan Asset Management

Illumio Overview

About Illumio

Illumio is a cybersecurity company providing Zero Trust Segmentation to contain ransomware across hybrid cloud environments. Headquartered in Sunnyvale, California, the platform maps application traffic and enforces micro-segmentation policies without agents on endpoints. Founded in 2013, Illumio protects workloads for clients including Morgan Stanley and Equinix in data centers, AWS, and Azure.


Founded

2013

HQ

United StatesSan Francisco, CA

Status

Privately held

Customer focus

B2B

Revenue model

Subscription

Valuation

$2.8B (Jun 2021)

Illumio Valuation

Illumio is currently valued at $2.8B, based on its Series F in June 2021.

The $225M round was led by Thoma Bravo and GBL Capital, with participation from Hamilton Lane, Putnam Premier IT, Blue Owl Capital Corp., BAM Elevate and Company Ventures.

Illumio's valuation has grown 21x from $132M at its Series B in September 2013 to $2.8B in June 2021, across 5 priced rounds.

Illumio valuation by funding round

Illumio valuation by funding round
DateStageValuation
Jun 2021Series F$2.8B
Feb 2019Series E$1.7B
Jun 2017Series D$1.2B
Apr 2015Series C$1B
Sep 2013Series B$132M

Illumio Funding History

Illumio has raised a total of $558M across 6 funding rounds.

Illumio's first fundraising round was a $8M Series A in January 2013. The most recent completed round was a $225M Series F in June 2021.

Illumio funding rounds

Illumio funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Jun 2021Series FThoma Bravo (lead); GBL Capital (lead); Hamilton Lane; Putnam Premier IT; Blue Owl Capital Corp.; BAM Elevate; Company Ventures$225M$2.8BIllumio is a cybersecurity company founded in 2013 that specializes in Zero Trust Segmentation and breach containment solutions for hybrid cloud and on-premise environments. The platform helps enterprises reduce lateral movement during cyberattacks by mapping application dependencies, visualizing workload communications, and enforcing micro-segmentation at scale. The company's core offerings include the Illumio Core and Illumio Edge platforms, which automate policy enforcement to stop cyberattacks and ransomware from spreading across applications, clouds, containers, endpoints, and data centers. In June 2021, Illumio closed a Series F funding round of $225 million at a post-money valuation of $2.75 billion, achieving unicorn status. The round was led by private equity firm Thoma Bravo and supported by Franklin Templeton, funds managed by Hamilton Lane, and Owl Rock (a division of Blue Owl Capital). According to Thoma Bravo partner Robert (Tre) Sayle, the funding was intended to accelerate Illumio's record-breaking growth, expand customer success initiatives, drive product innovation, and build out its global partner strategy. Illumio claimed significant enterprise traction at the time of the funding, with hundreds of global enterprises using its platform including six of the ten biggest banks in the world, five large insurers, and three of the largest software-as-a-service companies. CEO and co-founder Andrew Rubin highlighted that Zero Trust Segmentation adoption had become increasingly critical following the Biden Administration's cybersecurity Executive Order, positioning Illumio as the clear market leader in this emerging category. The funding brought Illumio's total capital raised to approximately $557.5 million. The company planned to leverage the investment to accelerate product and engineering innovation, strengthen customer success operations, and significantly expand its channel partner network and systems integrator partnerships globally, particularly to capitalize on growing demand for managed services around zero trust segmentation.
Feb 2019Series EJPMorgan Asset Management (lead); Putnam Premier IT; BAM Elevate$65M$1.7BIllumio is a cybersecurity company specializing in micro-segmentation and zero-trust security solutions that help enterprises protect against lateral movement in cyberattacks. The company's patented software technology provides real-time application and vulnerability mapping to identify crown jewel applications and security risks, then isolates and protects them through micro-segmentation. In February 2019, Illumio closed a $65 million Series E funding round led by clients advised by J.P. Morgan Asset Management, valuing the company at $1.72 billion. The new capital was designated for global expansion across the US, EMEA, and APAC regions, along with innovation and product development. At the time of the Series E close, Illumio had demonstrated strong traction with a 50 percent increase in global headcount during 2018 and was one of the top-funded cybersecurity companies with over $332.5 million raised to date. By February 2019, Illumio counted nine of the largest 15 U.S. financial companies as customers, along with four of the top seven SaaS providers, many purchasing over $1 million annually of software, and had powered some of the largest segmentation deployments in production environments.
Jun 2017Series DJPMorgan Asset Management (lead); General Catalyst; Jaws Ventures; 8VC; AME Cloud Ventures; Kyle Widrick; Andreessen Horowitz; Jerry Yang; DCVC; Sahsen Ventures; Accel$125M$1.2BIllumio, a Sunnyvale, California-based cybersecurity startup founded in 2013, develops adaptive segmentation technology to protect data centers and cloud environments by preventing lateral movement in cyberattacks through micro-segmentation of workloads and applications. The company targets enterprise cybersecurity challenges unsolved by traditional network security, enabling visibility into application dependencies and enforcement of zero-trust policies at scale. On June 7, 2017, Illumio closed a $125 million Series D funding round led by J.P. Morgan Asset Management, with participation from existing investors including Andreessen Horowitz, General Catalyst, 8VC, Accel, DCVC, and others such as Jerry Yang. This brought total funding to $267 million following a prior $100 million Series C in 2015 that valued the company at around $1 billion, making it a unicorn. Proceeds were allocated to global expansion of sales, marketing, customer support, and R&D to accelerate adoption of adaptive segmentation. At the time, Illumio reported roughly 100 customers, including nine of the 15 largest U.S. financial firms, four of the top seven SaaS providers like Salesforce, Workday, NetSuite, and Morgan Stanley, with several deals exceeding $1 million annually. The company highlighted 400% annualized bookings growth year-over-year and deployments segmenting over 32,000 workloads in Q1 2017, alongside employee growth from 100 to 175. Illumio positioned itself in the booming cybersecurity market amid rising enterprise needs for data center and cloud protection. CEO Andrew Rubin noted the fundraising as opportunistic given a strong balance sheet. J.P. Morgan was both lead investor and customer, underscoring product validation. Later rounds included a $65.2 million Series E in 2019 and $225 million Series F in 2021 at $2.75 billion valuation.
Apr 2015Series CAccel (lead); BlackRock (lead)$100M$1BIllumio, a cybersecurity startup founded in 2013 and based in Sunnyvale, California, emerged from stealth in October 2014 with a software-only solution for Zero Trust Segmentation that monitors application and database interactions in data centers and clouds, alerting on anomalies to reduce attack surfaces without hardware. On April 14, 2015, it closed a $100 million Series C funding round, co-led by Accel and BlackRock Enhanced (part of an $81.86 million tranche noted in some records, with prior 2014 funding of $42.5 million bringing total to $142.5 million), supporting research, sales expansion, branding, international offices in Asia and Europe, and workforce growth to 200 employees. The round highlighted early traction with Fortune 500 customers, especially in finance, and a partnership with F5 Networks. Investors cited Illumio's strong enterprise adoption, innovative policy enforcement, and the critical need for internal data center security beyond firewalls. CEO Andrew Rubin emphasized building toward a standalone public company, dismissing valuation questions. Illumio faced competition from players like vArmour. Later developments included a 2021 Series F round of $225 million at $2.75 billion valuation led by Thoma Bravo, with record growth like over 60% revenue increase in FY'22 and international ARR doubling.
Sep 2013Series BGeneral Catalyst (lead); Formation 8; Andreessen Horowitz$35M$132MIllumio, founded in 2013 by Andrew Rubin and P.J. Kirner and headquartered in Sunnyvale, California, is a cybersecurity company specializing in zero trust segmentation and breach containment. The platform visualizes application dependencies, enforces microsegmentation policies, and prevents lateral movement in cyberattacks across hybrid cloud, on-premises, and multi-cloud environments. It secures workloads in data centers, including Amazon Web Services, OpenStack, and VMware, by wrapping applications in protective layers independent of their runtime location. On September 18, 2013, Illumio raised $34.5 million in its Series B funding round from Andreessen Horowitz, Formation 8 Partners, General Catalyst Partners, and The Data Collective, with General Catalyst as the lead investor. The round valued the company at a post-money valuation of $131.75 million, based on a price per share of $0.63 and 54,396,210 shares outstanding. At the time, Illumio was operating in stealth mode, focusing on securing virtual machines that form the backbone of cloud computing. This funding came shortly after Illumio's Series A round of $7.99 million in February 2013 from Andreessen Horowitz, which had a post-money valuation of $16.25 million at a $0.12 price per share. The Series B supported early product development in application security for virtualized environments. Illumio continued scaling with subsequent rounds, including a Series C in 2015 raising $100 million (with some sources citing $81.86 million) from investors like BlackRock, Accel, Andreessen Horowitz, and General Catalyst, reaching over $142 million in total funding by then. Later rounds included Series D ($125 million in 2017), Series E ($65.2 million in 2019), and Series F ($225 million in 2021 at $2.75-$2.8 billion valuation led by Thoma Bravo), bringing total funding to approximately $558-$566 million.
Jan 2013Series AAndreessen Horowitz (lead); Mosaic Ventures; 32 Ventures; Juniper Networks; Burch Creative Capital$8M-Illumio, founded in January 2013, raised over $40 million in early funding while in stealth mode before its public launch in October 2014. The company develops a software-only security solution for enterprise networks, focusing on policy-based security architecture that controls communication between applications. Investors including Andreessen Horowitz supported its initial growth, with total venture backing reaching $142 million by its Series C round announced in April 2015, which raised $100 million from new investors BlackRock Funds and Accel Partners along with prior backers.

Who has invested in Illumio?

24 investors have backed Illumio across its funding rounds, including Andreessen Horowitz, Accel, General Catalyst, Putnam Premier IT, BAM Elevate and JPMorgan Asset Management.

Lead investors include Thoma Bravo, GBL Capital, JPMorgan Asset Management, Accel, BlackRock and 2 other investors.


Illumio Investors

Investors in Illumio by funding rounds participated
InvestorHQRoundsRoleFirst check
Andreessen HorowitzUnited StatesSan Francisco, CA3LeadJan 2013
General CatalystUnited StatesSan Francisco, CA2LeadSep 2013
Putnam Premier ITUnited StatesUnited States2ParticipantFeb 2019
JPMorgan Asset ManagementUnited StatesNew York2LeadJun 2017
BAM ElevateUnited StatesNew York City, NY2ParticipantFeb 2019
AccelUnited StatesPalo Alto, CA2LeadApr 2015
Hamilton LaneUnited StatesPhiladelphia, PA1ParticipantJun 2021
Mosaic VenturesUnited KingdomLondon1ParticipantJan 2013
Jaws VenturesUnited StatesMiami, FL1ParticipantJun 2017
8VCUnited StatesSan Francisco, CA1ParticipantJun 2017
Blue Owl Capital Corp.United StatesNew York City, NY1ParticipantJun 2021
32 VenturesUnited StatesUnited States1ParticipantJan 2013
Juniper NetworksUnited StatesUnited States1ParticipantJan 2013

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Illumio Competitors

Illumio competitors include listed companies like QiAnXin, NetScout Systems and AvePoint, and private ones like Transmit Security, JumpCloud and Axonius.

Public and private companies comparable to Illumio
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Transmit SecurityUnited StatesBoston, MAPrivate$100M-$2.7B27.4x
QiAnXinChinaChinaPublicly listed$655M($147M)$2.8B4.5x
NetScout SystemsUnited StatesUnited StatesPublicly listed$859M$163M$2.9B2.6x
AvePointUnited StatesUnited StatesPublicly listed$419M$42M$2.9B5.1x
JumpCloudUnited StatesLouisville, KYPrivate$56M-$2.6B46.9x
AxoniusUnited StatesNew York City, NYPrivate$100M-$2.6B26.0x

Illumio Public Comps

Illumio is still privately-owned, but its public comps include QiAnXin, NetScout Systems, AvePoint, Cellebrite, Venustech Group, A10 Networks, CETC Cyberspace Security, Progress Software, Tenable and CloudWalk.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
QiAnXin$655M($147M)4.6x4.5x(20.4x)(41.4x)
NetScout Systems$859M$163M2.6x2.6x13.9x9.5x
AvePoint$419M$42M5.9x5.1x58.4x27.4x
Cellebrite$476M$79M5.4x4.8x32.3x17.3x
Venustech Group$349M($60M)6.6x6.0x(38.4x)(176057.4x)
A10 Networks$291M$62M6.3x5.7x29.4x19.1x
CETC Cyberspace Security$338M$20M4.5x-73.6x-
Progress Software$978M$302M3.0x2.9x9.6x7.3x

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Common questions about Illumio

When was Illumio founded?Illumio was founded in 2013.
Where is Illumio headquartered?Illumio is headquartered in San Francisco, CA, United States.
Is Illumio publicly listed?No, Illumio is a private, VC-backed company.
What is Illumio's valuation?Illumio was last valued at $2.8B in its Series F in June 2021.
How much funding has Illumio raised?Illumio has raised $558M across 6 funding rounds.
What was Illumio's last funding round?Illumio's last funding round was a $225M Series F in June 2021, led by Thoma Bravo and GBL Capital.
Who are Illumio's investors?Illumio's investors include Andreessen Horowitz, General Catalyst, Putnam Premier IT, JPMorgan Asset Management, BAM Elevate, Accel, Hamilton Lane, Mosaic Ventures, Jaws Ventures, 8VC and 14 others.
Which companies are comparable to Illumio?Companies comparable to Illumio include Transmit Security, QiAnXin, NetScout Systems, AvePoint, JumpCloud and Axonius.

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