Noname Security Raises $135 Million in Series C at $1B Valuation, Becomes First API Security Unicorn

Rapid adoption by Fortune 500 solidifies company’s complete, proactive approach to API security

Noname Security, the leading API security company, today announced it has secured $135 million in Series C funding at $1B valuation. The funding round was led by Georgian and Lightspeed, with meaningful participation from existing investors including Insight Partners, Cyberstarts, Next47, Forgepoint, and The Syndicate Group (TSG). This new investment will fund the global expansion of Noname Security’s go-to-market and R&D teams. Noname Security has raised $220M in total financing to date just one year out of stealth, making it one of the fastest growing cybersecurity companies ever and is the first API Security company to achieve unicorn status.

In the twelve months since launch, Noname Security has achieved the following milestones:

  • Increased customer and revenue growth by over 400% each quarter
  • Counts among its customers:
    • Two of the world’s five largest pharmaceutical firms
    • One of the world’s three largest retailers
    • One of the world’s three largest telecoms
  • Actively working with 20% of the Fortune 500
  • Grown its workforce to more than 200 employees worldwide
  • Launched the global Unnamed Partner Program (UPP), which has more than 70 value added resellers (VARs), channel partners, technology partners, system integrators, distributors, and managed security service providers (MSSPs)

Noname Security’s surge in adoption can be attributed to its proactive approach to API security throughout the full software development lifecycle. Unlike most solutions in the market today that rely solely on traffic analysis to pinpoint active attacks, Noname Security analyses configuration, traffic and code to identify the broadest set of API vulnerabilities — including misconfigurations and design flaws.

A recent report from IBM Security X-Force stated that two-thirds of cloud breaches can be traced to misconfigured application programming interfaces (APIs) and recognised them as the most common gateway for compromise.

“Enterprises across all industries are experiencing widespread digitisation, 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. “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.”

In the past year, Noname Security has outpaced all other API security providers in API posture management, runtime security, and API testing. To date, Noname Security has discovered and remediated misconfigured APIs that would have led to the data leakage of billions of sensitive records, and the platform now actively blocks over 1,000 attacks per day across its customers.

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Lisa Baker is the Editor of International Business News. As the Owner of Need to See IT Publishing, Lisa is an experienced business and technology journalist and publisher.