Cybersecurity startups raise big capital

Two cybersecurity startups are making headlines for new rounds of financing that signal investors’ growing interest in security products.

Duo Security, which offers two-factor authentication tools to customers like Facebook and Yelp, is launching a new product to allow IT teams to automatically enforce security on their networks and track the security of devices that access their systems.

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The company received $30 million in new funding led by Silicon Valley venture capital firm Redpoint Ventures, according to TechCrunch, bringing its total funding to $48 million.

Network security startup Illumio, meanwhile, announced that it raised $100 million in new financing from investors including BlackRock and Accel Partners.

The firm serves clients such as Morgan Stanley with data center and cloud security services.

The infusion of funds bring the company’s total financing to $142.5 million over three rounds, and will support new offices, research and development and a branding campaign, according to reports.

Illumio’s software has been described as an “MRI machine” for corporate networks, allowing IT teams to monitor every computing node at once by wrapping them with security.

Cybersecurity is a booming business on Wall Street as well as in Silicon Valley, with global spending on cyber defenses projected to rise to $77 billion.