IoT security startup Armis raised $65 million in Series C funding, bringing the company’s total to $112 million.

Sequoia Capital led the round, with participation from Insight Venture Partners and Intermountain Ventures. Bain Capital Ventures, Red Dot Capital Partners, and Tenaya Capital also joined the round as return investors. Carl Eschenbach, a partner at Sequoia, joined Armis’ board of directors.

The company, founded in 2015, saw 700% growth in annual revenue last year including multi-million-dollar contracts with enterprises, said CTO and co-founder Nadir Izrael. Armis claims it deploys its technology in more than 25% of the Fortune 100, and its customers include Mondelēz, Sysco Foods, Allergan, and Samsung Research America.

Armis will use the Series C funding to scale its platform and invest in sales, marketing, and engineering, Izreal said. “The round is mostly for how do we adapt to that growth and scale to meet demand? How do we expand our business in the U.S. and Europe and Asia?

“Last year we witnessed a huge uptick in demand for solutions like the ones we provide, across all verticals,” Izrael continued. “It seems no matter what industry you are in, companies are struggling with understanding what devices they have, what are the risks around them, and being able to secure these devices.”

Armis’ agentless IoT security platform integrates with an enterprise’s existing IT infrastructure and provides visibility into and management over devices both on and off the corporate network. Its cloud-based Device Knowledgebase monitors more than 80 million devices worldwide, and it feeds this data to the platform to provide device visibility. It also analyzes and classifies devices and their behavior to identify risks or attacks, and to secure information and systems.

The platform also integrates with Cisco Meraki infrastructure, Cisco Identity Services Engine (ISE) to automate network enforcement of security policies, and Palo Alto Networks firewalls.

Company executives won’t comment on Armis’ valuation, but Chief Marketing Officer Michael Parker says the organization’s potential market is around $27 billion to $28 billion.

“Our focus is how do we generate enough value so that we get to $100 million in revenue and ARR [annual recurring revenue] as quickly as possible,” Parker said. “The market is there, and since right now we appear to be in the leading spot, it’s all about execution.”

And how quickly might Armis hit the $100 million revenue mark? “We could be looking at it in 24 months,” Parker said.

The fact that securing connected devices is a problem that crosses industries — and is only expected to grow — will continue to boost the company’s bottom line, Izreal added. “Hospitals, health care providers, manufacturing, critical infrastructure, transportation — we’re the only solution that says let’s show you all of your devices and give you a solution for everything.”

A recent Cisco report forecasts the annual run rate of mobile internet traffic will reach almost a zettabyte by the end of 2022. Also, by that same year, mobile will make up almost 20 percent of local IP traffic. That’s almost 113 times the amount that mobile traffic generated in 2012.

And Nokia’s latest Threat Intelligence Report found IoT botnet activity represented 78% of malware detection events in communication service provider networks in 2018. This is more than double the rate in 2016 when botnets were first seen in significant numbers — IoT botnets accounted for 33% that year.

“When we go into hospitals, we’ve found MRI machines talking to command and control servers in Russia,” Parker said. “We’ve seen WannaCry hitting medical devices in a flat, open network. We’ve seen X-ray machines sending patient information unencrypted. We’ve seen human interface devices used in manufacturing infected with WannaCry, and industrial control devices that should not be but are exposed to the internet. This is the stuff that keeps CISOs up at night and we shine a light to give them visibility into devices that they have no idea they had.”