Wallarm, a leader in API and AI security, has secured $55 million in a Series C investment round led by Toba Capital. This funding will enable Wallarm to expand its operations and innovate in the API security market, addressing new risks posed by AI.
As attackers increasingly utilize AI, the API threat landscape is evolving, resulting in new vulnerabilities that traditional security tools cannot effectively address. Wallarm is unique in its ability to block API attacks in real-time.
Last year, Wallarm reported impressive growth, with a net revenue retention rate of 134% among enterprise accounts in the finance and technology sectors. This success stems from innovations like agentic AI protection and the first Penetration Testing Service for Agentic AI Systems.
Recent developments also include strategic hires and the launch of the first API Honeypot Report, providing key insights into API attack trends. As a result, Wallarm experienced notable growth and maintained nearly zero churn in 2024.
KEY QUOTES:
“At Wallarm, our mission has always been clear: deliver powerful, proven API protection that actually stops real-world threats. This latest round of investment marks a pivotal moment—not just for our company, but for the security industry at large. We’re doubling down on innovation to equip security teams with the intelligence and automation they need to stay ahead of increasingly sophisticated and targeted API attacks. Our goal is to give security teams precision tooling that integrates natively with modern stacks, and stops threats before they become incidents.”
Ivan Novikov, CEO and co-founder of Wallarm
“Wallarm is shaping the future of API and AI security. The team has built an incredibly robust, high-performance platform that’s already proven in complex enterprise environments. As AI-powered attacks drive new demands for the API security category, this financing round will enable Wallarm to continue to transform the API security landscape with its unique focus on real-time protection.”
Vinny Smith, Founding Partner, Toba Capital
