Israeli cybersecurity company Perimeter 81 announced Tuesday that it has raised $40 million in Series B funds from investors. The financing will be used to support the company's growth and accelerate hiring and development. New York-based Insight Partners led the round.
Perimeter 81 simplifies network security for the modern and increasingly remote and mobile workforce. It develops technologies that replace security measures like VPNs and firewalls with zero-trust Security-as-a-Service for cloud and network environments.
Since its establishment in 2018, the company has emerged as a leader in Secure Access Service Edge (SASE), growing over 400% in annual recurring revenue year-on-year.
The company previously raised $25 million from its seed investors JAL Ventures and Spring Ventures and Series A investors SonicWall and Toba Capital. Three rounds of funding were completed in under eight months as a result of the high demand for the company’s solutions and exponential customer growth across all major geographies.
“With COVID-19, we witnessed an incredible surge in the demand for our services as the transition to remote work -- which occurred virtually overnight -- illuminated the need for companies worldwide to depart from their legacy hardware-based security and fully embrace a holistic, cloud edge network,” said Amit Bareket, Perimeter 81's co-founder and CEO. “We are thrilled that Insight Partners embraces our vision and shares our belief in the importance of forever transforming the way organizations are consuming cyber and network security.”
"We’ve had a long relationship with Insight Partners and have always been closely aligned on the significance of strong SaaS offerings and the value they bring to the market,” said Perimeter 81's co-founder and CPO, Sagi Gidali. “We are confident that in working together, we can continue to develop highly innovative network security solutions and further disrupt this industry."
The company says it has acquired close to 1,000 customers including Fortune 500 companies and some of the most prominent organizations in government, entertainment, technology and AI.
“Over the last few months, companies globally have been forced to initiate a distributed workforce model with the need for employees to securely connect to their company’s network and online resources,” said Thomas Krane, Principal at Insight Partners who will be joining the Perimeter 81 board. “Perimeter 81 has successfully solved this challenge by bringing the security requirements of Fortune 500 companies into an accessible cloud-based platform suited for the remote workforce. We are thrilled to continue our commitment to the Israeli cyber ecosystem and partner with Amit, Sagi, and the rest of the team on the next phase of their ScaleUp journey.”
Perimeter 81’s Secure Network as a Service enables businesses to more easily secure access to local network resources, cloud environments, and business applications. It also offers user and branch internet security, branch interconnectivity and endpoint security.