Israeli cybersecurity co Perimeter 81 raises $5m

Cybersecurity Photo: Shutterstock ASAP Creative

The Tel Aviv based security as a service company will develop new cloud firewall capabilities.

Israeli secure network as a service company Perimeter 81 has announced that it has completed a $5 million financing round led by Spring Ventures and private US-based investors, with additional funds from existing shareholders. The company will use the funds to accelerate growth, primarily investing in expanding the sales, marketing and R&D teams in its Tel Aviv and New York offices, and developing new cloud firewall capabilities.

The company was founded by CEO Amit Bareket and CPO Sagi Gidali who also launched SaferVPN in 2014, which is today a profitable business.

Bareket said, "The rise of cloud and mobility has disrupted network, cloud and application security as we know it. With employees working on the go and from different locations around the world, and companies increasingly moving towards the cloud, the traditional hardware-based legacy appliances of the past are no longer suitable for today's modern and distributed workforce. Perimeter 81's user-centric Secure Network as a Service, which utilizes the zero-trust and software-defined perimeter models, enables businesses to more easily secure access to local network resources, cloud environments, and business applications, with a seamless and highly intuitive SaaS solution."

Since the launch of the product, Perimeter 81 has grown at a rapid, double-digit rate month over month and quickly acquired hundreds of clients - including Fortune 500 companies and some of the leading industry names in government, entertainment, technology, and AI.

"We are big believers in the Zero-Trust and Software-Defined Perimeter cloud-based approach and have followed Perimeter 81 for a long time," said Aviv Refuah, founder of Spring Ventures. "With its unique and forward-thinking cybersecurity SaaS approach, great team and impressive growth rate, Perimeter 81 will now be able to grow even faster, add additional security features and fulfill its vision to fully bring network security into the cloud."

Gidali said, "With Perimeter 81, we took our knowledge of what worked for the consumer market, and ultimately, the end-user, and transformed the complex and outdated technology that so many businesses rely upon, into a seamless and user-friendly SaaS service. With this new funding round, we look forward to expanding our reach and further enabling companies of all industries and sizes to become fully, securely mobile and confidently cloud-based."

Published by Globes, Israel business news - en.globes.co.il - on March 27, 2019

© Copyright of Globes Publisher Itonut (1983) Ltd. 2019

Cybersecurity Photo: Shutterstock ASAP Creative
Cybersecurity Photo: Shutterstock ASAP Creative
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