Israeli Cybersecurity Startup Raises $100M

An Israeli cybersecurity company that detects weaknesses in the code behind applications has just raised $100 million.

Apiiro says the new funding will be used to accelerate its business and double its workforce, which currently stands at around 95 employees.

Palo Alto Networks, a global cybersecurity company that prevents cyber breaches, had planned to acquire the startup in a deal that would have valued it at $500-$600 million, but it ultimately fell through. 

“The unrelenting demand for next generation application security solutions has allowed us to deploy our product at-scale with leading Fortune 500 customers,” said Idan Plotnik, Co-founder and CEO of Apiiro.

“Early innovation enabled us to grow faster and more efficiently than the competition, and we are building the company for hyper growth. The combination of our team, business momentum, and support from top-tier investors positions Apiiro to continue to lead a growing industry.”

The Series B funding round was led by venture capital firm General Catalyst, with participation by Greylock and Kleiner Perkins.

Apiiro was founded by Idan Plotnik and Yonatan Eldar, both alumni of the elite Israeli Defense Force (IDF) cybersecurity unit Matzov. Plotnik was previously the Co-founder and CEO of Aorato, a company that secures enterprises by detecting suspicious activity, which was sold to Microsoft for $200 million.

Apiiro was founded in 2019, and is based in Tel Aviv.