Zero-trust secure network Perimeter 81 has closed its Series B on $40m, coming just months after a Series A extension.
Insight Partners led the new investment, which will help the startup to increase its hiring and development. Hiring will focus on its sales, marketing and R&D teams, as well as support the opening of a new office in California.
The cybersecurity company previously secured $4.5m in March, adding to the capital it had already raised in its Series A in 2019. This capital was supplied by Toba Capital and SonicWall. Perimeter 81 has raised a total of $25m in its seed and Series A round.
It claims it has raised three rounds of funding in under eight months due to high-demand for its services.
Perimeter 81 aims to simplify the network security of remote and mobile workforces. Its technology enables businesses to secure the access to local network resources, cloud environments and business applications.
The company was founded in 2018 and has grown its annual recurring revenue by more than 400% year-over-year, it claims.
Perimeter 81 co-founder and CEO Amit Bareket said, â€œWith COVID-19, we witnessed an incredible surge in the demand for our services as the transition to remote work — which occurred virtually overnight — illuminated the need for companies worldwide to depart from their legacy hardware-based security and fully embrace a holistic, cloud edge network.
â€œWe are thrilled that Insight Partners embraces our vision and shares our belief in the importance of forever transforming the way organizations are consuming cyber and network security.â€
As part of the deal, Insight Partners principal Thomas Krane will join the Perimeter 81 board of directors.
The cybersecurity startup recently released its new Secure Access Service Edge platform that combines its Network-as-a-service offering with the cloud security capabilities of SonicWall. This partnership helps to bring networking and security tools into a single platform to boost efficiency.
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