PALO ALTO, Calif.–(BUSINESS WIRE)–Noname Security, the leading API security company, today announced it has secured $135 million in Series C funding at $1B valuation. The funding round was led by Georgian and Lightspeed, with meaningful participation from existing investors including Insight Partners, Cyberstarts, Next47, Forgepoint, and The Syndicate Group (TSG). This new investment will fund the global expansion of Noname Security’s go-to-market and R&D teams. Noname Security has raised $220M in total financing to date just one year out of stealth, making it one of the fastest growing cybersecurity companies ever and is the first API Security company to achieve unicorn status.
In the twelve months since launch, Noname Security has achieved the following milestones:
- Increased customer and revenue growth by over 400% each quarter
- Counts among its customers:
- Two of the world’s five largest pharmaceutical firms
- One of the world’s three largest retailers
- One of the world’s three largest telecoms
- Actively working with 20% of the Fortune 500
- Grown its workforce to more than 200 employees worldwide
- Launched the global Unnamed Partner Program (UPP), which has more than 70 value added resellers (VARs), channel partners, technology partners, system integrators, distributors, and managed security service providers (MSSPs)
Noname Security’s surge in adoption can be attributed to its proactive approach to API security throughout the full software development lifecycle. Unlike most solutions in the market today that rely solely on traffic analysis to pinpoint active attacks, Noname Security analyzes configuration, traffic and code to identify the broadest set of API vulnerabilities — including misconfigurations and design flaws.
A recent report from IBM Security X-Force stated that two-thirds of cloud breaches can be traced to misconfigured application programming interfaces (APIs) and recognized them as the most common gateway for compromise.
“Enterprises across all industries are experiencing widespread digitization, accelerating the adoption of thousands of new APIs and the critical need to secure them for businesses on a global scale,” said Oz Golan, co-founder and CEO at Noname Security. “With the backing of Georgian, along with our existing investors, we will continue to expand our industry leading technology to help our customers mitigate the risk of deploying APIs.”
In the past year, Noname Security has outpaced all other API security providers in API posture management, runtime security, and API testing. To date, Noname Security has discovered and remediated misconfigured APIs that would have led to the data leakage of billions of sensitive records, and the platform now actively blocks over 1,000 attacks per day across its customers.
Supporting Quotes
“We’re incredibly excited to partner with the world-class team at Noname Security as its differentiated technology and proactive approach to API Security is solving an unmet need in the market and a growing business challenge,” said Michael Robinson, Lead Investor at Georgian. “This investment is a testament to the extraordinary opportunity we see for Noname Security to shape the future of API Security, a critical component of digital transformation. We are proud to support Noname’s next phase of growth and collaborate with their data science team to further accelerate Noname’s technical differentiation.”
“As an early investor in Noname Security, we knew that founders Oz Golan and Shay Levi were solving a significant problem that is now growing exponentially,” said Guru Chahal of Lightspeed. “As API complexity grows, the Noname API Security platform is enabling organizations to detect and secure APIs in a way they couldn’t a year ago, and we’re excited to continue supporting Noname’s journey.”
“Noname’s proactive approach to API security is spot on. Most solutions on the market today only focus on run-time attacks; however, Noname can identify and eliminate attack surfaces before an attack, and actively test APIs for vulnerabilities throughout the lifecycle, in addition to preventing real-time attacks. Their holistic view of API Security is refreshing and what CISOs and their teams have been looking for to protect the ever-expanding API attack surface.” – Heather Gantt-Evans, CISO, Sailpoint.
Supporting Resources:
Noname Security is the only company taking a complete, proactive approach to API Security. Noname works with 20% of the Fortune 500 and covers the entire API security scope across three pillars — Posture Management, Runtime Security, and Secure API SDLC. Noname Security is privately held, remote first with headquarters in Palo Alto, California, and an office in Tel Aviv and London.
About Georgian
Georgian is a fintech company investing in high growth software companies that harness the power of data in a trustworthy way. At Georgian, we’re building a platform to provide a better experience of growth capital to software company CEOs and their teams. Georgian’s platform is designed to identify and accelerate the best growth-stage software companies, taking an intelligent, data-first approach to solving the key challenges CEOs face as they grow their businesses. Based in Toronto, Georgian’s team brings together software entrepreneurs, machine learning experts, experienced operators and investment professionals.
The post Noname Security Raises $135 Million in Series C at $1B Valuation, Becomes First API Security Unicorn appeared first on Cybersecurity Insiders.
December 15, 2021 at 09:09PM
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