- Source Defense, a market leader in client-side web security, announced it raised $10.5 million in Series A+ funding
Source Defense, a market leader in client-side web security, announced it raised $10.5 million in Series A+ funding. Capital One Ventures joined as a new investor along with existing investors JVP, Allegis Cyber, Global Brain and NightDragon.
This round of funding emphasizes the importance of Source Defense’s preventative cyber security technology thus allowing for business continuity as online commerce captures center stage for enterprises and government organizations.
Source Defense is planning to use the funding to accelerate growth and enhance its patented VICE Client-side Web Security Platform to align with the growing demand in the market. And Source Defense provides a unique website security solution focused on preventing malicious activity originating in website supply chain vendors.
With its patented technology based on machine learning and industry best practices, Source Defense provides customers with a fully automated and dynamic solution that controls access and permissions of various dynamic components operating on a website.
Source Defense was founded by Hadar Blutrich and Avital Grushcovski and the company has more than tripled its sales in the past year. Plus the company also expanded the Research and Development teams, established strategic channel partnerships, and secured top talent to round out its executive team.
Key Quotes:
“The demand for combining premium online shopping experience with the state-of-the-art security controls has proved an urgent need for our solution. Our success with several Fortune 500 companies, including a most recent deployment at a Fortune 50 company is proof of the value we can provide industry leaders, in view of rampant activity by attackers.”
“It’s a vote of confidence in our technology and business plan despite what is going on in the world today. Our team is busier than ever and appreciate the continued trust and support of our investors.”
– Source Defense CEO Dan Dinnar
“Source Defense’s innovative solution is becoming much more significant with the surge in cyberattacks since the Corona eruption. We are happy to work again with Dan Dinnar, CEO, who has already demonstrated his excellent management capabilities in key positions at JVP’s portfolio companies, CyberArk (CYBR) and HexaTier, the founders and the team. We believe in the high growth potential of Source Defense and its capabilities to create a new global standard to protect websites.”
– Erel Margalit, Founder and Chairman of Jerusalem Venture Partners (JVP).
“Over the past year, the rise in formjacking and specifically Magecart attacks have exploded, hurting enterprises globally. These client-side attacks happen undetected and outside the visibility of the typical enterprise web security suite. Attackers have used these techniques to steal massive amounts of customers and transactional data across industries, with particular damage to eCommerce, financial services, healthcare companies, and government agencies.”
– Dave DeWalt, Founder & Managing Director at NightDragon Security
“Magecart attacks were the most impactful and dominant threat vector of 2019. Source Defense is uniquely positioned as the most effective preventative solution, providing ubiquitous security, improved compliance (primarily related to GDPR, PCI, CCPA, HIPAA), and accelerated website performance. Source Defense’s advantage lies in its technology as it fuels rapid growth and wide applicability to various industries and all customer segments.”
– Yoav Tzruya, General Partner at JVP
