Web application and API protection service ThreatX has scored $10m in funding to support its move into new verticals.
The round was led by .406 Ventures, with existing backers Access Venture Partners and Grotech Ventures also committing to the fresh investment.
Capital from the round will be used to bolster its position in the web application security market. Funds will also be used to help increase revenue by 150% in 2021, enhance its worldwide sales engine to reach new vertical segments, and expand its US operations with a new office in Boston.
Plans also include strengthening its web application and API protection (WAAP) services team to better support clients and grow its engineering team to further innovation.
The company’s WAAP platform protects systems and applications from online threats, including DDoS attempts, BOT attacks, API abuse, exploitations of known vulnerabilities and zero-day attacks. Its multi-layered detection capabilities identify malicious actors and initiateappropriate action.
.406 Ventures partner Greg Dracon said, “Web applications and APIs are under constant assault by highly sophisticated threat actors and techniques.
“Any downtime or data loss experienced as a result of an attack can be crippling to a company’s bottom line and reputation. ThreatX has redefined a market originally built to address simple and predictable threats. Uniquely architected to block modern attacks based on adversary behaviour, the ThreatX platform protects against a multitude of application security challenges and provides full-lifecycle, real-time coverage. We are proud to be a catalyst to help fuel ThreatX’s continued success.”
In line with the investment, Dracon will join the ThreatX board of directors.
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