Internet of Things (IoT) focused Cybersecurity firm ForeScout, Inc. has raised $76 million Series G in a round led by Wellington Management Group and a number of undisclosed investors.

The new round was raised on a $1 billion valuation meaning the company now has obtained unicorn status, a once rare breed of startup with a valuation of $1 billion or more.

Founded in 2000, ForeScout offers a cybersecurity service that allows enterprises and government organizations the ability to see devices, including non-traditional devices, the instant they connect to the network.

Users are able to control devices when they are connected to the network and orchestrate information sharing and operation among various different types of security tools to accelerate incident response.

ForeScout says it achieves this without requiring software agents or previous device knowledge by integrating with leading network, security, mobility and IT management products to overcome security silos, automate workflows and enable significant cost savings.

The company’s CounterACT product enriches over 70 security tools to enable deliberate security orchestration across enterprise networks.

“It took 25 years for the world to get to 5 billion connected devices, but with the explosion of the IoT we’ll see around 30 billion by 2020—an entirely new approach to security is required,” ForeScout Chief Executive Officer and President Michael DeCesare said in a statement. “Device proliferation and IoT deployments are easy entrances for cyber criminals if not detected and protected. With agentless visibility, intuitive automated controls and a commitment to integrating with leading security and IT management solutions, ForeScout is well-positioned to own the burgeoning IoT security market.”

IoT Focus

The relentless growth in the IoT space is well documented but many of the devices already on the market, or coming to market represent a fundamental change in how enterprise security is managed.

ForeScout has driven its business forward with its IoT focus, tripling its valuation over the past 18 months while also surpassing $125 million in revenue in fiscal year 2015 on a 50 percent compounded annual growth rate since 2012.

The late stage funding is a little odd given the company has previously made noise about an initial public offering this year, but may conversely reflect a caution as many in the tech sector take a wait and see approach to IPO’s this year given growing global financial turmoil and a softening investment market.

Including the new round, ForeScout has raised $121.63 million to date.

The company said it would use the new funds to expand global field operations, improve their support and increase R&D efforts in the IoT security space.

Image credit: ForeScout.