Perimeter 81, a leading Israeli cybersecurity firm, achieved unicorn status after a Series C funding round that saw it raise USD100 million. The funding round was led by B Capital, and included other investors such as Insight Partners, ION Crossover Ventures, Topa Capital, Entree Capital and Spring Ventures – a publicly traded company.
The company has been valued at USD1 billion, after the successful funding round, and is expected to further disrupt the network security market by accelerated growth, development and hiring. Perimeter 81 has doubled its annual recurring revenue (ARR) year on year.
Network security is being seen as an increasingly urgent concern, with ransomware attacks rising 13 percent this year, and external attacks accounting for more than 73 percent of overall breaches, according to Verizon’s 2022 Data Breach Investigations Report. This dangerous threat landscape has created a burgeoning demand for cybersecurity solutions globally.
Co-founder and CEO of Perimeter 81, Amit Bareket, said that the rise of remote work, fiber, cloud adoption and the emergence of 5G has created a discernible shift in the network security area, which is forcing companies to replace on-site networks and security systems with secure corporate networks using the Internet as a backbone.
He added that B Capital and other investors believe in the company’s vision to deliver holistic security that is purpose-built for a cloud-first environment and distributed workforce. Bareket also said that the investors share the company’s belief that secure corporate networks running over the Internet will transcend traditional office environments.
Perimeter 81 offers simplified network security solutions
The company drastically simplifies network security for the contemporary hybrid workforce. As an SSE leader using a platform that enforces a Zero Trust Architecture. This became a Federal strategy in the US earlier this year, after US President Joe Biden’s Executive Order which called for enhancing the country’s cybersecurity.
CGO and co-founder of Perimeter 81, Sagi Gidale, said that the company has realized that ease-of-use and simplicity are paramount in successful security adoption. He said that the company was committed to helping customers secure their networks in a cost-effective, scalable and agile method. He added that with the new investment, the company will continue to develop and deploy innovative and simple network security solutions that will further disrupt the sector.
Perimeter 81, named as a Forrester ZTNA New Wave Leader, gained immediate traction in the market after launch, and rapidly gained over 2,400 customers globally. Some of these include Fortune 500 companies in sectors as varied as finance, technology, healthcare, retail, entertainment and more, including growing SMBs.
Rashmi Gopinath, General Partner at B Capital, said that as the modern workforce has adopted a remote working system, there has been growing concern amongst organizations centered around network and cyber security. She said that Perimeter 81’s impactful offering, unmatched performance, and fully integrated solutions has enabled almost 2,400 businesses to secure their networks. Gopinath further added that B Capital believes that the company has best-in-class SSE and ZTNA platform, and B Capital was excited to partner with the company in it’s next phase of growth.
Lead DevOps Engineer at Hims & Hers, Peter Hecko, said that the main reason to adopt Perimeter 81’s solution at his company was the agentless VPN offered by Perimeter 81. He said that adopting the solution made it simpler to remove applications from the Internet, while simultaneously making it easier for customers to access them without a heavy IT installation that would have been necessary with a VPN client installation and maintenance.
To keep pace with its rapid growth, the company is expanding by hiring for multiple positions across sales, marketing and R&D in its Tel Aviv office, aside from hiring for new positions in New York City and Los Angeles.
