Cybersecurity start-ups are making all sorts of headlines this year in venture capital funding, and PerimeterX is the most recent company to join those ranks.
On Tuesday (July 25), the company announced it had raised $23 million in its Series B funding, which will be used to advance the development of its bot attack prevention technology. To date, the company has raised $34.5 million in three rounds of funding.
Investors leading the round include Canaan Partners, while existing investors Vertex Ventures and Data Collective also participated in the funding. According to the announcement, the funding will allow PerimeterX to expand in the US and abroad, while expanding its platform into new areas.
According to a research report done by cybersecurity giant Imperva (NASDAQ:IMPV), called “Imperva Incapsula Bot Traffic Report“, in terms of the “bad bot category” impersonator bots remain the most active offenders. The report goes on to say that in 2016, impersonator bots accounted for 24.3 percent of traffic on its network, and 84 percent of all “bad bot attacks” against computers protected with its software, Incapsula.
Overall, bots surpassed humans in terms of website traffic at 51.8 percent, the report states.
“Next-generation automated web attacks today threaten the integrity of the web by impersonating humans and abusing business logic rather than breaching systems, and they even harm the integrity of our political system by spreading fake news,” Omri Iluz, CEO of PerimeterX said in the company’s press release.
Iluz continued, stating the company is dedicated to address those problems “head-on” by detecting and blocking threatening bots in real-time.
In order to detect bots from actual people, the company uses artificial intelligence and machine learning to recognize suspicious activity, such as “landing a mouse directly on a button rather than scrolling towards it up or down the screen,” PerimeterX’s release states. As such, its behavior-based technology will allow the company to detect any kind of bot attack.
Similarly, as cybercrimes are projected to reach $6 trillion annually by 2021–an increase from $3 trillion in 2015–the fact that another company like PerimeterX is getting its feet wet to prevent bot attacks is indicative of the growing demand for cybersecurity protection.
That said, while the company remains privaste, there’s still plenty of cybersecurity investment opportunities to be had–including these 10 top cybersecurity companies.
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Securities Disclosure: I, Jocelyn Aspa, hold no direct investment interest in any company mentioned in this article.