Perimeter 81 raises $100 million for its secure service platform

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Rapidly growing cybersecurity startup Perimeter 81 Ltd. today announcement that it closed a $100 million funding round led by B Capital at a $1 billion valuation.

With Series C funding, Perimeter 81 is now would have worth five times more than after its previous funding round in August 2020. Over the same period, the startup’s customer base has grown from more than 1,000 organizations to around 2,400. He says strong demand over the 12 months has helped her more than double her annual recurring revenue, which is on track to hit “tens of millions of dollars” this year.

The Tel Aviv-based company provides a so-called secure service platform that allows employees of a company to securely access business applications. The platform can encrypt the connection between a worker’s device and a business application to protect network traffic. If a user connects to a company’s system from a potentially vulnerable Wi-Fi access point, Perimeter 81 automatically takes steps to improve security.

Companies using the startup’s platform can create rules to regulate access to internal applications. An organization could, for example, specify that employees can only access a large workload from a device that has anti-virus software installed. Administrators can also require employee devices to meet various other technical requirements.

In addition to providing features to prevent data breaches, Perimeter 81’s platform also promises to help businesses reduce the impact to the corporate network in the event of a breach. The platform makes it possible to divide a corporate network into several segments isolated from each other. If hackers gain access to one segment, they cannot compromise the others, limiting the impact of data breaches.

The long list of cybersecurity tasks Perimeter 81’s platform can perform is one of its biggest selling points. According to the startup, matching the features provided by its platform typically requires companies to deploy several different cybersecurity products.

Perimeter 81 argues that replacing multiple products with a single offering makes the job of administrators much easier. The startup says businesses can start deploying its platform in 20 minutes, while competing offerings take a week or more. It also promises a lower total cost of ownership than competing products.

The company is positioning its platform as a more effective alternative to on-premises cybersecurity appliances that enterprises have historically used to protect their networks. According to the startup, the platform can similarly replace virtual private network or VPN tools. Companies use VPN software to encrypt connections between employee devices and applications.

“The rise of remote working, cloud adoption, fiber and 5G has created a fundamental shift in the network security landscape, causing enterprises to replace their network and security devices on site through a secure corporate network over the Internet,” said Perimeter 81 co. -founder and CEO Amit Bareket.

Perimeter 81 currently has about 250 workers. The startup will use proceeds from its latest funding round to grow its sales, marketing, and product development teams. Lead investor B Capital was joined in the funding round by Insight Partners, Toba Capital, ION Crossover Ventures, Entrée Capital and Spring Ventures.

Image: Perimeter 81

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