PerimeterX, a San Mateo, California-based website protection company, has raised $43 million in funding to expand its platform beyond bot protection to broader and complementary products, which includes protecting from other cloud security threats. And the company is planning to expand into new verticals and markets. Scale Venture Partners led this round of funding. And existing investors Canaan Partners, Vertex Ventures and Data Collective (DCVC) also participated along with new investor Adams Street Partners.
PerimeterX’s Bot Defender bot protection-as-a-service safeguards web, mobile, and APIs from account takeover attacks, scraping, checkout abuse, and marketing fraud through a scalable solution that easily integrates into the existing infrastructure of websites.
“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 bot mitigation service analyzes tens of billions of events daily for its customers on a daily basis. And it prevents bot attacks launched from dozens of countries around the world utilizing millions of IP addresses and IP enabled-devices. According to Forrester’s Principal Analyst Amy DeMartine, bot management tools are expected to augment enterprise OWASP Top 10 defense rather than Web Application Firewall tools in the future. And OWASP Top 10 protection is going to become a secondary, add-on benefit.
“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.”
Some of PerimeterX’s customers include companies in the Fortune 500, the Alexa top 1000, and the Internet Retailer 100 across verticals such as eCommerce, travel, financial services, and hospitality.
“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.”
PerimeterX’s API is also able to integrate with multiple components of a company’s technology infrastructure including websites, mobile apps, CDNs, eCommerce engines, and middleware. And developers and DevOps teams can rapidly add PerimeterX to new or legacy systems with zero downtime and minimal disruption.
