Israeli client-side web security company Source Defense today announced it has raised $10.5M in Series A extension funding, adding Capital One Ventures as an investor alongside existing investors - JVP, Allegis Cyber, Global Brain and NightDragon who also participated in the round. Source Defense’s preventative cybersecurity technology, allows for business continuity as online commerce captures center stage for enterprises and government organizations.
Source Defense plans using the latest funding to speed up growth and enhance its patented VICE Client-side Web Security Platform to align with the growing demand in the market.
Founded by Hadar Blutrich and Avital Grushcovski, Source Defense has more than tripled its sales in the last 12 months. The company has also expanded R&D teams, established strategic channel partnerships, and secured top talent to round out its executive team.
Source Defense provides a website security solution focused on preventing malicious activity originating in website supply chain vendors. Using its patented technology, based on machine learning and industry best practices, Source Defense provides customers with a fully automated and dynamic solution that controls access and permissions of various dynamic components operating on a website.
Source Defense CEO Dan Dinnar said, "The demand for combining premium online shopping experience with the state-of-the-art security controls has proved an urgent need for our solution. Our success with several Fortune 500 companies, including a most recent deployment at a Fortune 50 company is proof of the value we can provide industry leaders, in view of rampant activity by attackers."
JVP founder and chairman Erel Margalit said, "Source Defense's innovative solution is becoming much more significant with the surge in cyberattacks since the coronavirus outbreak. We are happy to work again with Dan Dinnar, CEO, who has already demonstrated his excellent management capabilities in key positions at JVP's portfolio companies, CyberArk (CYBR) and HexaTier, the founders and the team. We believe in the high growth potential of Source Defense and its capabilities to create a new global standard to protect websites."
Published by Globes, Israel business news - en.globes.co.il - on May 19, 2020
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