Israeli CyberSecurity Firm Perimeter 81 Valued at $1B

Israeli cybersecurity firm Perimeter 81 entered unicorn territory Monday (June 6) following a funding round that valued the company at $1 billion, according to a company press release.

The $100 million round, led by B Capital, represented a five-fold jump in valuation from its last fundraising in 2020, when Perimeter 81 was valued at $200 million.

The company provides cybersecurity for hybrid/remote workers, including a cloud-based platform that offers products like zero trust network access, Firewall-as-a-Service and VPN-as-a-Service.

Read more: Increasing Demand for Flexibility Will Drive Efficiencies in Remote Hiring

Amit Bareket, Perimeter 81’s CEO and co-founder, said the funding will help the Tel Aviv-based company to create a platform that provides a one-stop shop for corporate network security.

“With employees working from anywhere and businesses moving to the cloud, we’ve doubled down to build a platform where we’ll allow businesses from any size to build a secure corporate network over the internet without installing any physical infrastructure,” Bareket said.

The company has opened offices in Los Angeles and New York and said it has around 2,400 customers, including IT company Ingram Micro and telehealth provider Hims & Hers.

Although Perimeter 81 initially catered to medium-sized firms with under 5,000 employees, Reuters noted it has become a top player in the zero-trust network access space, which companies have begun investing in more as more employees work from home.

Learn more: Report: Remote is How Two-Thirds of US Professionals Now Work

As PYMNTS reported earlier this year, 45% more consumers — or 70 million more people — now work in a so-called “hybrid” environment, rather than in a traditional office space, compared to before the pandemic.

Our research found that a little more than half of consumers in the United States now divide their workdays between working remotely at home and working at the office, while 44% work from a location other than home.