Cyber security startup Tanium is raising a new round of funding at a valuation of at least $2.5 billion, according to multiple sources. One even suggests the final figure could top $3 billion. It is unclear if final term sheets have been signed, but Institutional Venture Partners is said to be in the mix as a new investor.
Founded in 2007, Emeryville, Calif.-based Tanium hadn't raised any venture capital funding until taking in $90 million from Andreessen Horowitz last summer. It would then add another $52 million from Andreessen Horowitz earlier this year at a reported $1.75 billion valuation.
As Fortune noted in March, what makes Tanium unique is its ability to detect and fix enterprise security threats quickly. The company's technology works across traditional computing infrastructure and systems that make up the Internet of things.
Tanium has contracts in place with 50 of the Fortune 100, including five of the top U.S. banks and four of the top 10 retailers. Some of its biggest accounts are managing upwards of 500,000 devices. In March, the company said it had $100 million in cash and was cash-flow positive.
A Tanium spokeswoman did not return a request for comment, while IVP also declined to discuss the company.