Noname Security Pulls In $135M Series C, Reaches Unicorn Valuation
As organizations continue to evolve in today’s digital climate, many of them are furthering their business with web and mobile apps. In doing so, companies have turned to APIs, making use of their data to streamline their operations and connect with customers. However, as helpful as APIs may be, they also bring along new security risks. Poised to combat these potential threats is Noname Security, and it just surpassed a $1 billion valuation following its latest funding round.
Noname’s $135 million Series C raise, led by Georgian and Lightspeed, officially mints the cybersecurity company as a tech unicorn. Its platform works to proactively guard enterprise systems against threats to the sensitive information exchanged between tens of thousands of APIs. One of today’s most prominent risks is the Log4J vulnerability, which hackers can use to exploit systems remotely and extend the reach of the damage through the organization’s APIs, according to Noname.
Palo Alto-based Noname is capable of shielding companies against threats like Log4J because its cloud-native software analyzes systems’ configuration, traffic and code for things like misconfigurations and design flaws. This allows Noname to detect any API behavior that is out of the ordinary before damage is inflicted.
“There are two ways to perform security,” Oz Golan, CEO of Noname, told Built In. “One is to take the passive approach, which means, ‘let’s observe, let’s see what happens and if someone is trying to do something malicious, we can react to that.’ So we do agree that’s super important, but we’re also taking the proactive approach, which means that we’re actively trying to find gaps in the security of organizations in order to remediate them before an abuse attempt, which is very appealing for a lot of organizations.”
With these capabilities, Noname has made a name for itself among enterprise customers across several industries. Since it launched out of stealth in December 2020, Noname has experienced more than 400 percent growth each quarter in terms of customers and revenue, according to the company. It serves customers across the pharmaceutical, retail and telecommunications fields and works with 20 percent of the Fortune 500 companies. To date, the Noname has secured $220 million in venture capital, including a $25 million round when the company first launched and a $60 million round in July.
As it continues to grow toward its goal of an IPO in the future, the unicorn’s investment plans with its fresh capital include adding new elements to its platform. Noname aims to bring the ability to design APIs in a secure way as early on as possible during the development lifecycle, Golan said.
With its current workforce of 200, Noname will also put this round toward expanding its global team across sales, customer success and R&D.