Perimeter 81 said on Monday its backers now value the Israeli cybersecurity company at $1 billion, giving it unicorn status after the firm raised $100 million to fund product development.

The round, led by B Capital, marked a jump in valuation from its last raise in August 2020, when the company was valued at $200 million. ION Crossover Ventures and existing investor Insight Partners also participated in the round.

Perimeter 81 offers secure network solutions for the hybrid workforce on its cloud-based platform, including Zero Trust Network Access, Firewall as a Service, and VPN as a Service.

The four-year-old company, which is not yet profitable, said it has more than doubled its annual recurring revenue year-over-year, and is on track to generate tens of millions of dollars in revenue this year.

The fresh capital will be invested in product development to help achieve the company's goal to build a platform that offers one-stop solutions for corporate network security, said Amit Bareket, co-founder and chief executive officer at Perimeter 81.

"With employees working from anywhere and businesses moving to the cloud, we've doubled down to build a platform where we'll allow businesses from any size to build a secure corporate network over the internet without installing any physical infrastructure," Bareket said.

The Tel Aviv-headquartered company, which initially targetted medium-sized enterprises with fewer than 5,000 employees, has quickly emerged as the top player in Zero-Trust Network Access offering, an area companies have been investing more to accommodate remote working requirements during the pandemic, as traditional security appliances like on-premises firewalls are becoming less relevant.

Perimeter 81 now has offices in New York and Los Angeles. The company claims to serve about 2,400 global customers across industries, including IT company Ingram Micro and telehealth firm Hims & Hers, with more than half of its revenue coming from the United States.