Israel-based API security company Noname Security on Wednesday (Dec. 15) locked down $135 million in a Series C fundraising round at a $1 billion valuation, making it the first API security unicorn — a private company with a valuation of at least $1 billion.
Georgian and Lightspeed led the latest Noname funding effort, while existing investors including Insight Partners, Cyberstarts, Next47, Forgepoint and The Syndicate Group (TSG) also participated in the round, which gives the company fresh capital for global expansion and research and development.
Noname has raised $220 million since its inception about one year ago.
“Enterprises across all industries are experiencing widespread digitization, accelerating the adoption of thousands of new APIs and the critical need to secure them for businesses on a global scale,” said Oz Golan, co-founder and CEO at Noname Security, in the company announcement. “With the backing of Georgian, along with our existing investors, we will continue to expand our industry-leading technology to help our customers mitigate the risk of deploying APIs.”
Noname Security has discovered and remediated misconfigured APIs that would have led to the data leakage of billions of sensitive records and blocks more than 1,000 attacks per day across its customers.
Related news: Israel’s Noname Security Raises $60M to Protect APIs
In June, Noname Security wrapped up a $60 million Series B funding round. Since its launch in December 2020, Noname has partnered with technology, resale and channel partners.
Noname’s API security program uses machine learning to discover attackers, suspicious behaviors and other things that might be wrong, then remediates APIs through integrations with current security software and can block attacks in real time without deploying agents or making it mandatory to have network modifications.
“There’s a lot more to API security than just protecting against external attacks,” CEO Golan told PYMNTS. “Noname is the only solution that addresses the full range of API vulnerabilities, including protecting APIs in real time from adversaries, scanning the environment for misconfigurations and compliance issues, and becoming part of the software development lifecycle by finding issues during the development process.”