Wallarm, an artificial intelligence powered application security company, has announced that it has raised $8 million in Series A funding. This brings Wallarm’s total funding to $10.8 million. Toba Capital led this round of funding with participation from Y Combinator, Partech, and Gagarin Capital.
What does Wallarm plan to do with this round of funding? Wallarm will be accelerating the growth of Wallarm’s Application Security Platform and build upon its go-to-market infrastructure and services to power the growing deployments in Fortune 1000 customers.
Plus Wallarm will be using the funds to introduce the Wallarm Framework for Automatic Security Testing (FAST) to security researchers, developers, and quality assurance practitioners. FAST provides an easily scripted tool to automatically generate hundreds of security tests based on the existing functional testing and to increase test coverage significantly while adhering to CI/CD processes. This is the same mechanism that is able to quickly find underlying vulnerabilities in code and software frameworks. And it is able to find and reproduce related issues.
“From the early days, Wallarm’s differentiation has been its ability to defend applications from real attacks, rather than checking for compliance with irrelevant security guidelines. This year we reaffirmed this strategy once again by launching our Framework for Application Security Testing (Wallarm FAST),” said Wallarm co-founder and CEO Ivan Novikov. “The new funding will be used to take this new product to market, invest further into the growth of our AppSec Platform product line, and service our growing contingent of Fortune 1000 customers.”
Wallarm is also known for bridging the gap between DevOps and security teams. And the company provides native application protection across public and private clouds. The company’s Wallarm NGWAF and Active Threat Verification modules are able to detect attacks and enable adaptive application security with better accuracy and lower costs.
Wallarm was listed in the Inc. 5000 rankings at #805 with a 2017 revenue listed at $2.7 million, which is 625% growth over three years. The company also nearly doubled the number of production customers in the past year. And they on-boarded companies in eCommerce, finance, logistics, healthcare, etc.
“Given the growing sophistication of hackers and the influx of cyber attacks targeted at organizations managing sensitive data, investing in Wallarm was a no-brainer. We believe their AI-powered application security platform is well-equipped to defend internet-focused companies from increasingly cunning and skilled cybercriminals,” added Toba Capital founder Vinny Smith. “We are always excited to invest in companies with technology that will bring significant value to the pressing challenges businesses face.”
Wallarm recently appointed security industry veterans to its executive team. For example, former Imperva and Arbor Networks exec Johan Nordstrom was named as the Chief Business Development Officer and HyTrust co-founder Renata Budko was hired as CMO. LendingClub Chief Information Security Officer Richard Seiersen and Juniper Networks’ VP of Technology and Strategy Randy Bias was also brought on to Wallarm’s advisory board. Toba Capital partner Rajan Aggarwal will be joining Wallarm’s board member and Partech’s Reza Malekzadeh is becoming a board observer.