Ransomware has increased by 13% this year, and external attacks account for 73 percent of all breaches, according to Verizon’s 2022 Data Breach Investigations Report.
After raising $100M to support product development, Perimeter 81 said on Monday that its backers now value the Israeli cybersecurity firm at $1B, making it a unicorn.
The funding round, led by B Capital, represents a significant increase in valuation from the company’s previous fundraising in August 2020, when it was valued at $200M. The round saw new investors ION Crossover Ventures and Insight Partners, as well as existing investors ION Crossover Ventures and Insight Partners.
The new funds will go into product development in order to help the company accomplish its aim of creating a platform that provides one-stop solutions for corporate network security.
Founded in 2018 by Amit Bareket, Sagi Gidali, the Tel Aviv-based firm, Perimeter 81 provides secure network solutions for the hybrid workforce, including Zero Trust Network Access, Firewall as a Service, and VPN as a Service.
The four-year-old company, which is still not profitable, claims to have more than doubled its yearly recurring income year over year and is on target to produce tens of millions of dollars this year.
New York and Los Angeles are now home to Perimeter 81. With more than half of its income coming from the United States, the company claims to service over 2,400 global customers across industries, including IT major Ingram Micro and telemedicine firm Hims & Hers.
With its Zero Trust Network Access, Firewall as a Service, and Secure Web Gateway (SWG) services, Perimeter 81’s SSE platform enables enterprises to easily secure remote access, network traffic, and endpoint devices.
“The rise of remote work, cloud adoption, fiber, and 5G has created a fundamental shift in the network security landscape, leading companies to replace their on-premises network and security appliances with a secure corporate network over the internet,” said Perimeter 81 Co-Founder and CEO, Amit Bareket. “B Capital and other investors embrace our vision to deliver holistic security that is purpose-built for a cloud-first, distributed workforce and share our belief that a secure corporate network over the internet transcends the traditional office environment and is the way of the future.”
“In working with our thousands of customers, we’ve found that ease of use and simplicity are paramount in successful security adoption,” said co-founder and CGO, Sagi Gidali. “We are committed to helping companies secure all of their networks and users in an agile, cost-effective, and scalable way. With this new investment, we will continue to develop simpler, highly innovative network security solutions and further disrupt this industry.”
To support its rapid expansion, the firm is hiring for a variety of positions in its sales, marketing, and R&D teams at its Tel Aviv headquarters, as well as at its New York City and Los Angeles offices.
Perimeter 81 competes with startups such as Palo Alto Networks, Zscaler and Aviatrix.