The leading API and application protection platform reports record number of new customers, responding to demand for powerful protection that doesn’t burden overworked security teams
BOSTON, Mass – March 6, 2023 – ThreatX, the leading API and application protection platform, today announced strong momentum in 2022, driven by customers’ needs for simplified, risk-based and real time protection from increasing threats to APIs and applications.
ThreatX is now the fastest growing protection-as-a-service company offering real time monitoring and blocking of malicious API and application activity. Highlights of the company’s year-over-year growth include adding a record number of customers, and tripling the number of enterprise transactions in 2022.
“ThreatX was founded on the principles of protecting organizations from cyberattacks while easing the burden on security professionals. As APIs and applications proliferate rapidly, and as organizations are challenged to keep up with security, it’s more important than ever to have a solution like ours in place to identify and block threats in real time,” said Gene Fay, CEO at ThreatX. “In the year ahead, we are committed to ensuring our solution continues making real impact for organizations and the teams tasked with protecting them.”
ThreatX Executive Appointments in 2022
As ThreatX continues to grow, while remaining dedicated to its mission, Michael Connolly has joined the company as Chief Revenue Officer, to lead direct and channel sales teams to over-deliver on revenue expectations. Connolly, a tech veteran with over 30 years of sales and lead generation experience, served as Chief Revenue Officer for UncommonX, Corero Network Security and Devo before joining ThreatX. Earlier in his career, Connolly held sales leadership roles at both Infoblox and EMC. His appointment also comes on the heels of the 2022 appointments of Chief Financial Officer Libby Merrill and Vice President of Engineering Phil Lawrence.
“The ThreatX technology is second to none – no one else is combining powerful attacker profiling with human expertise and real-time blocking. This provides powerful protection and makes life easier for overworked and understaffed security teams,” said Connolly. “ThreatX has brought together the strongest team of people to create a powerful solution that addresses one of the most vexing cybersecurity challenges today. It was an easy decision to join the team and help lead ThreatX to its next stage of growth.”
“Mike brings the experience and energy to ThreatX that will position the company to continue its growth in 2023,” said Fay. “As we scale our business, deepen our channel strategy and increase our global footprint in large accounts, Mike’s leadership sets us up for a great year.”
New Initiatives and Product Updates
The rapid growth in APIs has revolutionized the way applications are used, providing organizations the ability to communicate between multiple services, but this also creates more opportunities for attackers to steal data. This challenge, paired with the widening cybersecurity skills gap, drove ThreatX to launch both ThreatX Labs and ThreatX Academy. These two initiatives provide a better understanding of the increasingly complex nature of API and web app attacks, allowing organizations to plan and prioritize cybersecurity plans, while sharing an extensive library of accessible and approachable cybersecurity training modules at no charge for those looking to begin, or advance, their cybersecurity careers more effectively.
Gartner predicts that by 2024, API abuses and related data breaches will double. To ensure security within API environments for organizations continuing their digital transformation journeys, ThreatX also prioritized implementing new product updates to meet customers where they were. This included new point of delivery architecture to provide greater control over where data is managed, a new API catalog to enable a comprehensive view of API attack surfaces and an updated attack dashboard for deeper insight into attack types and classifications to identify the depth of attacks in the kill chain.
Financial Growth and Accolades
ThreatX also announced it raised $30 million in Series B funding to accelerate further developments of its platform. This funding follows ThreatX being acknowledged twice as a Sample Vendor in the Gartner Hype Cycle for Application Security 2022 report and the 2022 Magic Quadrant for Cloud Web App and API Protection (WAAP). ThreatX also was acknowledged as part of the 2022 Cybersecurity Excellence Awards, 2022 Globee Cyber Security Global Excellence Awards, Inc. 5000 2022, and the 2022 Global InfoSec Awards.
For more information about ThreatX, please visit: https://www.threatx.com/.