ThreatX Raises New Round of Capital to Protect APIs and Web Apps – CableFree TV

Published by
Peter Kavinsky

ThreatX, a vendor that sells API protection services primarily to enterprise customers, announced today that it has raised $30 million in a Series B funding round led by Harbert Growth Partners with participation from Vistara Growth, .406 Ventures, Grotech Ventures and Access Venture Partners. CEO Jin Fei told TechCrunch that with the new cash, which brings ThreatX’s total to $52 million, ThreatX will “accelerate” investment in platform development while scaling sales and marketing initiatives.

The increase highlights investor confidence in the bottom line of cybersecurity companies despite current macroeconomic issues. While there are some proof that fundraising has begun to slow down, cybersecurity startups raised $2.4 billion between January and June, according to PitchBook. Companies that protect APIs from external attacks have been especially prolific lately, thanks to startups like Phantom Security as well as Korsha raising capital in the tens of millions of dollars.

ThreatX was founded in 2014 by Bret Settle and Andrius Useckas. Prior to launching ThreatX, Settle was VP of Enterprise Architecture at BMC; Usekkas worked with Bret at BMC where he was a corporate security architect. The two were also colleagues at Corporate Express, which was acquired by Staples in 2008, where Useckas came in as an outside consultant. pen tester.

“With several years of working together, Settle and Andrius have seen a huge gap in the market in terms of BMC application portfolio security solutions,” said Fei, who was appointed CEO of ThreatX in 2020. configuring and writing rules and returned a bunch of false positives. Through all this, the idea of ​​innovation in space and ThreatX was born.”

ThreatX offers API protection, bot and DDoS protection, and traditional web application firewalls (WAFs) for native and third-party web applications. The platform builds a profile of threat actors using a detection and correlation engine to show which actors are actively attacking and which may pose the greatest threat.

Image credits: ThreatX

Fei believes that ThreatX competes primarily with two categories of cybersecurity vendors. The first is newer API monitoring tools like Salt Security and Noname. The second is bot management frameworks like Cequence and WAF players like Akamai, F5, and Imperva, which typically rely on applying rule-based security to web applications and APIs.

Fei argues that the first group – bot leadership and WAF vendors – tend to offer capabilities that have merged through acquisition, so they’re less integrated. As for the latter, API monitoring tools, Fei argues that they often don’t offer protection for web applications or bots and require offline analysis, which makes it impossible to block attacks in real time.

“The bottom line is that to secure an API, you need to be able to block attacks in real time,” Fei said. “Collecting data through surveillance and analyzing it after the fact can be interesting, but it doesn’t do much from an immediate safety standpoint. Protection is our number one priority for our customers—real-time, all the time. This is the value proposition we offer to our customers.”

Real-time protection or not, API attacks are a growing cyber threat. Gartner predicts that by 2022, API attacks will become the most frequent attack vector, causing data leakage for an enterprise web application.

“The COVID-19 pandemic has accelerated the use of APIs as companies began to think about how they can provide new services to add value and generate revenue from customers,” Fei added. “As people—consumers and professionals alike—turned to technology to do more, dependence on both APIs and web applications has grown substantially. This, in turn, has increased the need for security in this context, which provides a lot of opportunities for ThreatX.

Although Fei objected when asked about the financials, he said that ThreatX currently has “over” 100 clients. He refused to give any names.

Harbert Growth Partners General Partner Tom Roberts, upon receiving the comment, stated:

APIs are a strategic priority for businesses of all sizes and have become a prime target for attackers. Organizations today are struggling with persistent threats and need API and web application protection that can detect and respond to attacks in real time. This need for “real-time attack protection” is driving the API security market into an aggressive turn. We believe ThreatX has a strong customer base and unique product capabilities, and we believe the company is well positioned to meet this shift head-on as a valuable partner for enterprises looking to secure their attack surface.

Peter Kavinsky

Peter Kavinsky is the Executive Editor at cablefreetv.org

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