Forescout, a network security startup focused on the IoT space, has reached unicorn status. The company raised $76 million in its latest funding round, valuing the company north of $1 billion.
The company has tripled its valuation in the last 18 months.
Forescout’s network security solution supports enterprises that deploy large numbers of IoT devices. The company’s technology helps companies monitor all of the devices that are connected to their network at any given time.
Those devices include PCs, mobile devices, virtual machines, and now IoT devices.
Forescout’s CEO said that when the company first runs its software with a client, it typically finds 20-30% more devices on the network than the client’s IT team expected.
In some cases Forescout’s technology can monitor millions of devices.
By detecting all network activity a company can detect activity that may be initiated by cyber criminals.
With IoT devices expected to rapidly grow in the years to come, Forescout is positioned to experience growth as more companies look for network monitoring tools on a massive scale.