PerimeterX Raises $43 Million in Series C Funding to Fuel Expansion into New Markets and Accelerate Product Development
The Round Will Allow PerimeterX to Expand Its Platform Beyond Bot Protection to Broader and Complementary Products Protecting from Other Cloud Security Threats, as Well as Expansion into New Verticals and New Markets.
PerimeterX has secured $43 million in Series C funding to expand its product portfolio beyond its PX Bot Defender™ offering to address the growing variety of information security risks facing enterprises on their web and mobile properties and their APIs. Scale Venture Partners led the round with participation from existing investors Canaan Partners, Vertex Ventures and Data Collective (DCVC). They were joined by new investor Adams Street Partners.
“After adopting PX Bot Defender, and experiencing the immediate impact it had on their security posture, our customers asked us to help secure their assets from additional expanding threats, enhancing our out-of-band scalable platform,” said Omri Iluz, CEO of PerimeterX. “This new funding, plus our rapidly growing revenue – which has increased by over 3,000% in the past two years – will allow us to expand our platform by leveraging collective insights to defend customers against a much broader range of threat types.”
PerimeterX’s market leading bot mitigation solution analyzes for its customers tens of billions of events daily and prevents bot attacks launched from dozens of countries around the world utilizing millions of IP addresses and IP enabled-devices.
“As more and more devices are connected to the Internet, we’re seeing exponential growth in the number and type of information security attacks against companies with significant online and mobile presences,” said Ariel Tseitlin, a partner at Scale Venture Partners, who joined the company’s board as part of the Series C financing and has deep domain expertise in developer-facing cloud computing products and information security. “PerimeterX’s technology has proven to be the most scalable, accurate, and developer-friendly offering on the market. It’s like Stripe for bot defense.”
PerimeterX’s API integrates seamlessly with multiple components of a company’s technology infrastructure including websites, mobile apps, content delivery networks, eCommerce engines and middleware. Developers and DevOps teams can rapidly add PerimeterX to new or legacy systems with minimal disruption and zero downtime.
“Given the significant rise of cyber-attacks globally, PerimeterX’s ability to rapidly deploy its service to protect its customer is a true differentiator,” explained Fred Wang of Adams Street Partners. “Unlike other systems, PerimeterX Bot Defender accurately identifies and blocks attacks before they even start. We believe this unique solution is well positioned in the marketplace and feel the planned expansion of their product portfolio will lead to continued strong growth in their business.”
Bot mitigation is quickly becoming the main application defense line of every enterprise operating online. “Security pros should expect to see a complete flip of the market, where instead of Web Application Firewall tools providing bot management to augment their OWASP Top 10 defense, bot management tools will garner the most customer interest, and OWASP Top 10 protection will be a secondary, add-on benefit,” wrote Principal Analyst Amy DeMartine in the Forrester report New Tech: Bot Management, Q3 2018.
PerimeterX’s fast growing list of customers includes companies in the Fortune 500, the Alexa Top 1000 and the Internet Retailer 100, across verticals including eCommerce, travel and hospitality, financial services, media, and Software-as-a-Service. Forrester Research included PerimeterX in its September 2018 report The Forrester New Wave(™) in Bot Management Q3 2018 as a “Strong Performer”. The company was named a Gartner Cool Vendor in 2017, as well.