Noname Security announced it has secured $135 million in Series C, at $1 billion valuation.
The funding round was led by fintech company Georgian and global Venture Capital firm Lightspeed, with participation from existing investors – including Insight Partners, Cyberstarts, Next47, Forgepoint, and The Syndicate Group.
This new investment will fund the global expansion of Noname Security’s go-to-market and R&D teams. Noname Security has raised $220m. in total financing to date in its one year out of stealth.
Noname is one of many cybersecurity companies that has enjoyed high funding this year: according to Start-Up Nation Central, the cybersecurity sector accounts for $7.2b. of the funding put into the Israeli hi-tech ecosystem in 2021.
In a recent report from the nonprofit analytics organization, it was reported that the Israeli tech sector has raised a record-setting $25b. this year.
In 2021, Noname Security has provided extensive application programming interface (API) posture management, runtime security, and API testing. To date, the company has discovered and remediated misconfigured APIs that would have led to the data leakage of billions of sensitive records, and the platform now actively blocks over 1,000 attacks per day across its customers.
A recent report from IBM Security X-Force stated that two-thirds of cloud breaches can be traced to misconfigured APIs and recognized them as the most common gateway for compromise.
“Enterprises across all industries are experiencing widespread digitization, accelerating the adoption of thousands of new APIs and the critical need to secure them for businesses on a global scale,” said Oz Golan, co-founder and CEO at Noname Security. “With the backing of Georgian, along with our existing investors, we will continue to expand our industry leading technology to help our customers mitigate the risk of deploying APIs.”
Michael Robinson, lead investor at Georgian, a fintech company investing in high growth software companies, said, “We’re incredibly excited to partner with the world-class team at Noname Security as its differentiated technology and proactive approach to API Security is solving an unmet need in the market and a growing business challenge.
“This investment is a testament to the extraordinary opportunity we see for Noname Security to shape the future of API Security, a critical component of digital transformation. We are proud to support Noname’s next phase of growth and collaborate with their data science team to further accelerate Noname’s technical differentiation.”