API security company Salt Security has closed its Series C round on $70m, which comes after a strong year of growth that culminated in 400% growth in its revenue.
The round was led by private equity firm Advent Tech, with commitments also coming from Alkeon Capital and DFJ Growth. Other commitments to the round came from previous backers Sequoia Capital, Tenaya Capital, S Capital VC, and Y Combinator.
With the burst of funds, the RegTech company hopes to expand its global operations across R&D, sales and marketing and customer success.
During 2010, customers of Salt Security witnessed a 51% increase on average monthly call volume while malicious API traffic grew 211%, according to the company.
The cybersecurity company protects APIs by leveraging machine learning and AI to automatically and continuously identify and protect them.
Salt Security has experienced a lot of growth in the past 12 months. The company’s revenue grew by 400%, team grew by 160% and API traffic rose 380%
Advent managing partner Bryan Taylor said, “The rapid proliferation of APIs has dramatically altered the attack surface of applications, creating a major challenge for large enterprises since existing security mechanisms cannot protect against this new threat.
“We continue to see API security incidents make the news headlines and cause significant reputational risk for companies. As we investigated the API security market, Salt stood out for its multi-year technical lead, significant customer traction and references, and talented team. We look forward to drawing on our deep experience in this sector to partner with Salt in this exciting new chapter.”
The Series C round brings the company’s total capital raised to $131m, of which, $120m has been invested over the past year. Salt Security closed its Series B on $30m in December 2020 and its Series A on $20m in January 2020.
Copyright © 2021 FinTech Global
