PALO ALTO — Noname Security, an API security company, has secured $135 million in Series C funding at $1 billion valuation. The funding round was led by Georgian and Lightspeed, with participation from existing investors including Insight Partners, Cyberstarts, Next47, Forgepoint, and The Syndicate Group (TSG).
This new investment will fund the global expansion of Noname Security’s go-to-market and R&D teams. Noname Security has raised $220 million in total financing to date just one year out of stealth, making it one of the fastest growing cybersecurity companies ever and is the first API Security company to achieve unicorn status.
In the 12 months since launch, Noname Security says it has achieved the following milestones:
- Increased customer and revenue growth by over 400% each quarter
- Counts among its customers:
- Two of the world’s five largest pharmaceutical firms
- One of the world’s three largest retailers
- One of the world’s three largest telecoms
- Actively working with 20% of the Fortune 500
- Grown its workforce to more than 200 employees worldwide
- Launched the global Unnamed Partner Program (UPP), which has more than 70 value added resellers (VARs), channel partners, technology partners, system integrators, distributors, and managed security service providers (MSSPs)
Noname Security’s surge in adoption can be attributed to its proactive approach to API security throughout the full software development lifecycle. Unlike most solutions in the market today that rely solely on traffic analysis to pinpoint active attacks, Noname Security analyzes configuration, traffic and code to identify the broadest set of API vulnerabilities — including misconfigurations and design flaws.
A recent report from IBM Security X-Force stated that two-thirds of cloud breaches can be traced to misconfigured application programming interfaces (APIs) and recognized them as the most common gateway for compromise.
“Enterprises across all industries are experiencing widespread digitization, accelerating the adoption of thousands of new APIs and the critical need to secure them for businesses on a global scale,” said Oz Golan, co-founder and CEO at Noname Security. “With the backing of Georgian, along with our existing investors, we will continue to expand our industry leading technology to help our customers mitigate the risk of deploying APIs.”
“As an early investor in Noname Security, we knew that founders Oz Golan and Shay Levi were solving a significant problem that is now growing exponentially,” said Guru Chahal of Lightspeed. “As API complexity grows, the Noname API Security platform is enabling organizations to detect and secure APIs in a way they couldn’t a year ago, and we’re excited to continue supporting Noname’s journey.”
