Israeli co Noname Security raises $60m

The company addresses the urgent need of protecting APIs, the connectors that clouds and software applications use to communicate with one another.

Israeli enterprise API security company Noname Security today announced the completion of a $60 million Series B financing round led by Insight Partners, with new investors Next47, Forgepoint, and TSG and existing investors Cyberstarts and Lightspeed Venture Partners. This brings to $85 million, the amount raised by Noname since it emerged from stealth in December 2020.

Since its launch, Noname has amassed forty technology, reseller, and channel partners and hundreds of enterprise customers either in production or trialing the platform. The demand is urgent as APIs, the connectors that clouds and software applications use to communicate with one another, have become the cyberattacker’s target of choice, according to analyst firm Gartner.

Noname was founded by CEO Oz Golan and CTO Shay Levi, both veterans of Israel's IDF 8200 Intelligence Unit. The company has 70 employees in Tel Aviv and Palo Alto.

Golan said, "When we show potential customers all the vulnerabilities Noname has discovered in their APIs, it’s a real light-bulb moment for them. Even seasoned security professionals often have no idea how exposed their systems are."

The Noname API Security Platform covers every aspect of API security, from discovery to analysis to remediation and testing. It creates a complete inventory of an organization’s APIs and uses AI and machine learning to detect attackers, suspicious behavior, and misconfigurations. It remediates API vulnerabilities by integrating with existing security infrastructure and blocking attacks in real-time, all without deploying agents or requiring network modifications. Customers can also use Noname to test APIs before deployment, preventing vulnerabilities from ever going into production.

Golan added, "There’s a lot more to API security than just protecting against external attacks. Noname is the only solution that addresses the full range of API vulnerabilities, including protecting APIs in real-time from adversaries, scanning the environment for misconfigurations and compliance issues, and becoming part of the software development lifecycle by finding issues during the development process. Noname monitors the relationships and flows of information between all internal and external APIs. By discovering and analyzing everything in real-time, it protects the entire environment throughout the API lifecycle before something goes wrong, whether it’s a threat from the outside or an internal error."

Noname is not the only Israeli company working in the API security sector. Salt Security raised $70 million last month and has raised $131 million since it was founded.

Published by Globes, Israel business news - - on June 30, 2021

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