Perimeter81 raises funds at $100m valuation

Amit Bareket, Sagi Gidali / Photo: Nadav Cohen Yonatan

Spring Ventures, which has a 8.9% stake in Perimeter81, has notified the TASE about the rise in valuation.

Israeli cloud and network security company Perimeter81 last week completed a financing round led by a US investment fund at a company valuation of $100 million. This is double Perimeter81's valuation from last November when it raised $10 million in a financing round led by US cybersecurity and firewalls company SonicWall, controlled by Francisco Partners.

One of the beneficiaries of the boost in Perimeter81's valuation is Spring Ventures (TASE: SPRG), which has a 8.9% stake in the cloud security company, and last week notified the Tel Aviv Stock Exchange about the increase in Perimeter81's valuation. Spring did not disclose how much money Perimeter81 raised in the latest round.

Perimeter81, which was founded in 2018 by CEO Amit Bareket and CPO Sagi Gidali, veterans of the IDF Intelligence Corps, has raised $19.5 million before the latest financing round. Bareket and Gidali also founded SaferVPN, sold to J2 for several million dollars.

Perimeter81 has developed a mechanism that creates networks at the push of a button according to an enterprise's needs. Every such virtual network provides access to different work environments in the enterprise, so that every user can enjoy secure remote access to the enterprise resources relevant to him or her. Furthermore, a security and access policy can be established on the platform for each user according to his or her needs and authorizations.

Published by Globes, Israel business news - en.globes.co.il - on June 16, 2020

© Copyright of Globes Publisher Itonut (1983) Ltd. 2020

Amit Bareket, Sagi Gidali / Photo: Nadav Cohen Yonatan
Amit Bareket, Sagi Gidali / Photo: Nadav Cohen Yonatan
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