BOSTON–ThreatX, the leading API protection platform, today announced it has raised $30 million in Series B funding led by Harbert Growth Partners, with participation from Vistara Growth. Existing ThreatX investors .406 Ventures, Grotech Ventures and Access Venture Partners also participated in the round. With these funds, ThreatX will accelerate investments in platform development and scale their global sales and marketing initiatives as companies seek to block complex attacks targeting APIs and web applications.
As organizations undergo digital transformation efforts and deliver new capabilities to connect with customers and partners, APIs have emerged as a strategic priority. Coupled with growth in web applications, the enterprise attack surface has exploded and is under constant threat from botnets, DDoS attacks and complex, multi-mode offensive attack campaigns. In this context, customers need API and web application protection capabilities that can identify and respond to attacks in real time, even as perpetrators evolve their techniques.
ThreatX stands in stark contrast to other API security solutions by providing organizations the ability to discover and visualize their attack surface; block attacks in real-time; and have access to 24/7 managed services to support resource-constrained security teams.
Recently, ThreatX announced the company has been acknowledged twice as a Sample Vendor in the Gartner® Hype CycleTM for Application Security, 2022 report. ThreatX was listed within the API Threat Protection and Cloud WAAP categories.
“While APIs bring rich opportunities to companies across nearly every market, they can also quickly devolve into business threats if not secured,” said Gene Fay, CEO, ThreatX. “The ThreatX platform delivers the one-two punch that modern organizations seek in API and web application protection by incorporating behavioral analytics and multiple detection methods within a single analytics engine. This funding will enable us to accelerate development of our platform’s capabilities and expand our global go-to-market strategy.”
In addition to the Series B funding, ThreatX also announced that Tom Roberts, General Partner at Harbert Growth Partners, will join the company’s Board of Directors.
“The rapidly growing API security market is on the cusp of making an aggressive pivot,” said Roberts. “When we met with the ThreatX team and saw the technology in action, we knew they were positioned to lead the shift toward real-time attack protection across both APIs and web applications. We are pleased to partner with Gene and the ThreatX team to build upon their already leading platform and run fast at the API protection opportunity.”
“As CISOs and their teams prioritize API security, the opportunity to think more broadly about API and web application protection is growing. A consolidated approach makes sense given the fact that DDoS attacks and botnets are often targeting both types of assets at the same time,” said John O’Donoghue, Principal at Vistara Growth. “We see huge potential in ThreatX to deliver an integrated platform that protects both APIs and web apps against complex attacks in real time and look forward to supporting the company’s growth in the coming years.”