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Noname Security, an enterprise API security business, raised $60M in a Series B funding round headed by Insight Partners. The company offers a security platform that uses artificial intelligence and machine learning to assist businesses in monitoring and securing both managed and uncontrolled APIs. Since its launch, the firm has recruited 40 technical, reseller, and channel partners in six months.
Noname Security, an enterprise API security startup, has raised $60 million in a Series B funding round led by Insight Partners. Other participants include Forgepoint, The Syndicate Group (TSG), and Next47.
The startup, which presently employs 70 people and has headquarters in Palo Alto and Tel Aviv, claims it has grown quickly due to the pandemic’s increased reliance on APIs.
“The need for API security was so strong and got super emphasized during the pandemic. We want to help organizations leverage APIs securely, and we want to eliminate all of the API vulnerabilities out there. We don’t want another Experian incident.”Oz Golan, the CEO, told TechCrunch
An Experian API leaked virtually every American’s credit score earlier this year, and a Peloton API leaked only weeks after, allowing anybody to access customers’ confidential account data straight from the company’s computers. Scraping attacks have also targeted Facebook, LinkedIn, Echelon, and Clubhouse, which employ API access to gather data on users on their platforms.
Mr. Golan said, “Even seasoned security professionals often have no idea how exposed their systems are.”
The Silicon Valley firm offers a holistic security platform that combines AI and machine learning to allow businesses to view and safeguard both managed and unmanaged APIs that are exposed, consumed, or utilized internally, removing API security blind spots. According to the startup, the bulk of these defects lie undiscovered for years, providing anybody who can uncover them unrestricted access to an organization’s most sensitive activities.
In the six months since its introduction, the company has attracted 40 technical, reseller, and channel partners and “hundreds” of business clients that are either using the platform in production or testing it.
“Because of the huge traction that we have seen, we want to accelerate — expanding our sales team, marketing team, customer success, R&D. Basically growth, growth, growth.”Mr. Golan added,
“The surging volume of APIs and the growing complexity of modern applications has led to an increase in cybersecurity obstacles. Noname came to market at just the right time with a fully realized, next-gen technology that’s making a big impact with global customers.”Thomas Krane, principal at Insight Partners