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PerimeterX, a cybersecurity startup developing a platform to protect apps from malicious actors, today announced it has raised $57 million in growth capital, bringing its total raised to $144 million. The company says this investment will be used to expand into new geographies and verticals and grow its workforce.
According to Markets and Markets, the security orchestration, automation, and response (SOAR) segment is expected to reach $1.68 billion this year, driven by a rise in security breaches and incidents and the rapid development and deployment of cloud-based solutions. According to Risk Based Security, data breaches exposed 4.1 billion records in the first half of 2019. That may be why 68% of business leaders in a recent Accenture survey said they feel their cybersecurity risks are increasing.
San Mateo, California-based PerimeterX, which was founded in 2014 by CEO Omri Iluz, CTO Ido Safruti, and CFO Ophir Ashkenazi, offers products that identify automated attacks and client-side threats to websites, mobile apps, and APIs. The company’s Bot Defender ostensibly defends against account abuse, checkout abuse, and web scraping, while Code Defender and Page Defender offer protection against skimming and block unwanted coupon extensions and ad injections. The suite leverages a range of capabilities, including behavioral fingerprints, predictive analytics, and machine learning models to differentiate real users from automated attacks. And PerimeterX claims it can be deployed in minutes, with a load balancer and server-agnostic approach that enables integration with existing infrastructure.
“The PerimeterX platform leverages over 120 machine learning algorithms and 165 models to profile bot behavior and client-side code activity in real time to identify and defend against a wide spectrum of threats,” a spokesperson told VentureBeat via email. “[It] generates a constantly updated library of attack patterns based on interactions with applications, fingerprints from devices, and network characteristics. PerimeterX collects and sends hundreds of anonymized indicators such as user interactions, like mouse movements, clicks, and keystroke speed, as well as device behavior such as kind of device, battery level, and environment details such as window size, fonts and extensions. [It] also uses advanced machine learning algorithms and models to process this data and ensure legitimacy, safety and fluidity of all web and app traffic. Finally, PerimeterX acts as a gatekeeper and takes action to either let requests through or block them.”
This year, 175-employee PerimeterX extended its offerings with enhanced blocking for Code Defender and a new verification choice beyond traditional CAPTCHAs, as well as a unified user dashboard to proactively manage existing and emerging threats. The company also expanded its ecosystem with novel and improved integrations, including with Amazon AWS, Google Cloud Platform, and Azure.
PerimeterX claims to have protected over $100 billion in ecommerce revenue in 2020 as it processed over 2 billion login requests per day. And the company says its revenue grew 3,637% between 2016 and 2019, reflecting the growth in its customer base to 200 companies including Godiva, Bill.com, and Skechers.
AllianceBernstein led the round announced today and was joined by new investors Stereo Capital, JS Capital, and Golden Arc Capital. The round included strong support from existing investors Adams Street Partners, Canaan Partners, DTCP, Scale Venture Partners, and Vertex Ventures US.
Juniper Research predicts approximately $6 trillion will be spent globally on cybersecurity tools and R&D by 2021, and PerimeterX has plenty of rivals. Ironscales employs AI and machine learning to defeat organizationwide phishing attacks in real time, and Vade recently raised $79 million to further develop its filtering stack that protects against compromise, malware, and spam. There’s also Tessian, which uses machine learning to secure enterprise mail, and Valimail, which nabbed $45 million last year to thwart email phishing attacks.
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