Originally posted on Pulse 2.0.
Leading API security company Salt Security announced that it has raised $20 million in Series A funding led by Tenaya Capital — which has provided early-growth stage capital to transformational venture-backed technology businesses like Palo Alto Networks, Armis, Lyft, and Kayak. And this round of funding will enable Salt Security to continue investing in product development and innovation, address new use cases, and expand sales and marketing to meet increasing demand. Including this round of funding, the company has raised a total of $30 million in equity financing thus far.
APIs are known to be the core of web, mobile, and SaaS applications are surging with recent reports showing 83% of internet web traffic is API traffic. And with this digital transformation powered by APIs, a completely new attack surface has emerged.
In fact, Gartner is predicting that by 2021, 90% of web-enabled applications will have more surface area for attack in the form of exposed APIs rather than user interfaces, up from 40% in 2019.
Salt Security is the first to market with a new breed of patented API Security solutions, able to uncover the vulnerabilities unique to each API and identify, and respond to attackers before an attack is successful.
Previously, proxy-based solutions utilize signatures and pattern matching have been used to secure web applications. But Salt Security’s innovative approach to securing APIs puts big data and patented AI front and center, revolutionizing application security and supporting the global push to digital transformation. And the company’s technology has been integrated successfully into City National Bank, TripActions, and Armis, etc., making it safe to innovate by protecting the APIs at the core of innovation and digital transformation found in every SaaS, web, mobile, microservices, and IoT application.
“APIs power the digital platforms that connect us to our customers and help fuel continued innovation and integrations. If compromised, attackers could gain access to customer accounts, valuable data and the ability to disrupt our business. Salt Security provides us with reliable, real-time, agile security to stop these attacks and protect critical customer data.” – Curtis Simpson, CISO at Armis
“We are thrilled to partner with Salt Security to actively support its rapid growth and focus on product innovation. The company’s leadership team has a deep background in the cybersecurity industry, including members of the elite IDF cyber unit as well as serial entrepreneurs who have experience building enterprise-grade products and growing companies with over $100 million in revenue. We believe Salt Security is uniquely positioned to lead and define the emerging category of API security and strategy.” – Tom Banahan, Partner at Tenaya Capital