Israeli cybersecurity company Source Defense announced Tuesday it has raised $10.5 million in a Series A funding round with participation from existing investors Jerusalem Venture Partners, Allegis Cyber, Global Brain, and Night Dragon. US firm Capital One Ventures also invested in the round.
Source Defense plans to use the funding to accelerate growth and enhance its patented VICE Client-side web security platform to align with the growing demand in the market.
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Founded in 2014, Source Defense provides prevention technology for websites. This tech is specifically designed for third-party attacks. The company’s SaaS (software-as-a-service) platform allows site owners to set and enforce permissions, receive real-time alerts, and monitor third-party vendor behavior on their sites.
Source Defense has more than tripled its sales in the last 12 months, according to a statement. The company also expanded its research and development teams, established strategic channel partnerships, and secured top talent to round out its executive team.
The company counts several Fortune 500 companies as clients and CEO Dan Dinnar says there has been a recent deployment at a Fortune 50 company, which “is proof of the value we can provide industry leaders, in view of rampant activity by attackers,” he said in the statement.
“The demand for combining premium online shopping experience with the state-of-the-art security controls has proved an urgent need for our solution,” he added.
Dinnar, a serial entrepreneur, was vice president of sales for Asia-Pacific at CyberArk and also the CEO of HexaTier, responsible for the financing and acquisition negotiations that lead to the sale of the company to Chinese telecommunications firm Huawei in December 2016. He is also a co-founder of endpoint security software startup Hysolate.
Erel Margalit, JVP founder and chairman said that Source Defense’s innovative solution has become much more significant since the surge in cyber attacks that followed the eruption of the coronavirus.
“We are happy to work again with Dan Dinnar, who has already demonstrated his excellent management capabilities in key positions at JVP’s portfolio companies, CyberArk and HexaTier,” he said. “We believe in the high growth potential of Source Defense and its capabilities to create a new global standard to protect websites.”