Six months after emerging from stealth mode with $25m in funding, US-Israeli= based API security company Noname Security raised a $60m a Series B led by Insight Partners.
Next47, Forgepoint and TSG joined the round along with existing investors Cyberstarts and Lightspeed Venture Partners participating as well. The round brings Noname’s total funding to $85m since December 2020.
Noname offers a security platform that allows enterprises to secure managed and unmanaged APIs. Designed to “eliminate API blind spots,” the platform protects enterprises from data leakage, authorization issues, abuse, misuse and data corruption.
From discovery and analysis to remediation and testing covering every aspect of API security, the company’s platform creates a complete inventory of an organization’s APIs. It then uses AI and machine learning to detect attackers, suspicious behaviour and misconfiguration.
Discovered API vulnerabilities are remediated by integrating with existing security infrastructure and blocking attacks in real-time without the need to deploy agents or requiring network modifications. The platform can also be used by customers to test APIs before deployment, preventing vulnerabilities from ever going into production.
APIs, the connectors that clouds and apps use to communicate with each other, will become the cyberattacker’s target of choice, according to Gartner. The analyst firm predicts that by 2022, API attacks will be the most frequent attack vector across the enterprise. API vulnerabilities can take many forms, from a developer’s forgotten side project to a software interface improperly configured. While some of these flaws are documented, the vast majority go unnoticed, giving anyone get access to an organisation’s operations.
Additionally, Noname doesn’t rely on software agents to monitor applications and processes. It integrates seamlessly with clouds, on-premises environments and other security and information technology management tools.
Noname co-founder and chief executive Oz Golan said, “There’s a lot more to API security than just protecting against external attacks. When we show potential customers all the vulnerabilities Noname has discovered in their APIs, it’s a real light-bulb moment for them. Even seasoned security professionals often have no idea how exposed their systems are.”
Noting that the company monitors the relationships and flows of information between all internal and external APIs, Golan added that “by discovering and analyzing everything in real-time, it protects the entire environment throughout the API lifecycle before something goes wrong, whether it’s a threat from the outside or an internal error.”
Commenting on the funding, Insight Partners principal Thomas Krane added, “The surging volume of APIs and the growing complexity of modern applications has led to an increase in cybersecurity obstacles. Noname came to market at just the right time with a fully realized, next-gen technology that’s making a big impact with global customers.”
In the over $1.2bn API management market, 70-employee, Palo Alto, California-based Noname’s competitors include Salt Security and Traceable among others. But Noname claims to already have 40 technology, reseller and channel partners and hundreds of enterprise customers. Notable customers include MuleSoft Ltd., Trace3 Inc., Evotek Inc., MS3 Inc. and Opus Consulting.
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