Perimeter 81, a firm that deals in Security Service Edge (SSE), Zero Trust Network Access (ZTNA) and provides cybersecurity & data security to companies, has announced the investment of $100 million in B Capital led Series C funding. Participating investors included Insight Partners, Toba Capital, ION Crossover Ventures, Entrée Capital, and publicly-traded Spring Ventures.
With the latest funding, the cybersecurity firm is valued at $1 billion.
The financing will be utilised to accelerate the company’s rapid growth, hiring, and development.
Rashmi Gopinath, General Partner, B Capital said, “As the modern workforce has embraced remote capabilities in recent years, concerns around cybersecurity have grown as a major threat to businesses and organisations. Perimeter 81’s highly impactful offering, undeniable performance, and fully integrated solution has enabled about 2,400 businesses to secure their networks. We believe Perimeter 81 has a best-in-class ZTNA and SSE platform and we look forward to partnering with the team in its next phase of growth.”
Network security is an urgent concern as ransomware rose 13% this year and external attacks account for 73% of overall breaches, according to Verizon’s 2022 Data Breach Investigations Report.
Founded in 2018 by Amit Baraket and Sagi Gidali, The company was formed to provide cyber and data security solutions to organisations and fight cyber crime.
Perimeter 81 Co-Founder and CEO, Amit Bareket said, “The rise of remote work, cloud adoption, fibre, and 5G has created a fundamental shift in the network security landscape, leading companies to replace their on-premises network and security appliances with a secure corporate network over the internet”.
He also added that B Capital and other investors embrace the company’s vision to deliver holistic security that is purpose-built for a cloud-first, distributed workforce and share their belief that a secure corporate network over the internet transcends the traditional office environment and is the way of the future.
The firm is headquartered in Tel Aviv, Israel and has plans to expand to other parts of Europe and South Asia.