ThreatX has raised $30 million in Series B funding led by Harbert Growth Partners, with participation from Vistara Growth. Existing ThreatX investors .406 Ventures, Grotech Ventures and Access Venture Partners also participated in the round.
With these funds, ThreatX will accelerate investments in platform development and expand its global sales and marketing initiatives as enterprises seek to block complex attacks targeting APIs and web applications.
As organizations undertake digital transformation efforts and deliver new capabilities to connect with customers and partners, APIs have become a strategic priority. Coupled with the growth of web applications, the enterprise attack surface has exploded and is constantly threatened by botnets, DDoS attacks, and complex multi-mode offensive attack campaigns.
In this context, customers need API and web application protection capabilities that can identify and respond to attacks in real time, even as perpetrators evolve their techniques.
ThreatX offers organizations the ability to discover and visualize their attack surface; block attacks in real time; and have access to 24/7 managed services to support resource-constrained security teams.
Recently, ThreatX announced that the company was recognized twice as a sample provider in the Gartner Hype Cycle for Application Security report, 2022. ThreatX was listed in the Threat Protection API and Cloud WAAP categories.
“While APIs provide rich opportunities for businesses in almost every market, they can also quickly turn into business threats if left unsecured,” said Gene Fay, CEO of ThreatX.
“The ThreatX platform delivers the punch modern organizations are looking for in API and web application protection by incorporating behavioral analytics and multiple detection methods into a single analytics engine. This funding will allow us to accelerate the development of our platform capabilities and expand our global go-to-market strategy,” continued Fay.
In addition to the Series B funding, ThreatX also announced that Tom Roberts, General Partner of Harbert Growth Partners, will join the company’s Board of Directors.
“The rapidly growing API security market is about to make an aggressive pivot,” Roberts said. “When we met the ThreatX team and saw the technology in action, we knew they were well positioned to lead the transition to real-time attack protection on APIs and web applications. partner with Gene and the ThreatX team to leverage their already leading platform and quickly exploit the API protection opportunity.”
“As CISOs and their teams prioritize API security, the opportunity to think more broadly about protecting APIs and web applications is growing. A consolidated approach makes sense given that DDoS attacks and botnets often target both types of assets at the same time,” said John O’Donoghue, principal at Vistara Growth.
“We see tremendous potential in ThreatX to provide an integrated platform that protects both APIs and web applications against complex attacks in real time and we look forward to supporting the company’s growth in the years to come. “, continued O’Donoghue.