Signal Sciences, a Los Angeles-based web application security monitoring company, announced it has raised $35 million in Series C funding. With this funding round, the company will continue its growth and disruption of the web application firewall (WAF) market.
This round of funding was led by Lead Edge Capital. Existing investors CRV, Index Ventures, Harrison Metal, and OATV also participated in this round. In conjunction with this round, Lead Edge Capital operating partner, former President of eBay, and former Lead Board Director of Duo Security Lorrie Norrington joined Signal Sciences’ Board of Directors.
Signal Sciences is going to aggressively accelerate its market expansion and product innovation with this funding round. This will help meet the substantial growth in customer demand for its next-gen WAF and Runtime Application Self Protection (RASP) solutions. The solutions that Signal Sciences provides offers broader coverage against real threats and attack scenarios. And it can be integrated with DevOps tools like Slack, JIRA, PagerDuty, Datadog, etc.
“We believe our rapid customer growth and five-star Gartner reviews validate that we have, by far, the best WAF technology in a surging web app security market, and we’re using our funding to continue to build on that lead,” said Andrew Peterson, CEO at Signal Sciences. “We’re doubling down on engineering innovation and partnerships to deliver maximum security value for our customers as well as expanding key areas of our business to drive continued growth. This will be a massive year for Signal Sciences.”
Enterprises have been struggling to address threats without sacrificing digital agility and competitiveness as they have been migrating to the cloud. And web application attacks continue to be the leading source of successful breaches. So Signal Sciences developed the first truly next-gen WAF and RASP solution. As a result, the company tripled its customer count and revenue every year. Now the company protects over 10,000 applications and over a trillion web requests per month. Some of Signal’s customers include Under Armour, Adobe, Datadog, One Medical, and WeWork.
“Companies are prioritizing better ways to protect the applications that power their business,” added Scott Crawford, a research director at 451 Research. “According to 451 Research’s Voice of the Enterprise Digital Pulse: Budgets and Outlook 2018 Study, security is one of top two areas of enterprise IT budget increase among enterprises, while application security is seeing the largest proportion of security budget increase year-over-year.”