API security firms are raising funds from venture capitalists to accelerate expansion and growth

TehInsight360 

 

As cyberattacks have continued to become more and more sophisticated, API security has evolved into an even more important focus area for businesses around the world. The steep rise in API attacks is harming business innovation, consequently leading to higher demand for API security around the world.

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Amid the growing demand, the space has experienced several new entrants in the segment, and these firms are now raising venture capital funding to accelerate their expansion and growth.

  • In February 2023, Secure Blink, an Indian startup incubated by DSCI National CoE, announced that the firm had raised an undisclosed amount of funding from Expert Dojo, the venture capital firm based in the United States. The firm is planning to use the capital round to further strengthen its position in the domestic market. Furthermore, the firm is also planning to expand its customer base in the global market from the short to medium-term perspective.

The software-as-a-service platform, Threatspy, launched by Secure Blink has gained widespread recognition among businesses, and this funding round is projected to further accelerate the firm’s growth in 2023.

  • In November 2022, Akto, the cybersecurity provider, also announced that the firm had raised US$4.5 million in a funding round. The firm is planning to use the capital to further expand its presence and serve more businesses around the world. Notably, the plug-and-play API security platform developed by Akto enables security teams to see their API inventory and scan for vulnerabilities.

  • In November 2022, Wib, the Israel-based API security firm, also announced that the firm had raised US$16 million in a funding round, which was led by Koch Disruptive Technologies, and included participation from Kmehin Ventures, Venture Israel, and Techstars, among other existing investors.

  • The firm is also planning to use the funding round to accelerate its international expansion, while also investing in the enhancement of its API security platform. Like Akto, the API security platform developed by Wib enables organizations to identify shadow and rogue APIs. Furthermore, businesses can also analyze business risks and impacts.

Over the last two years, APIsecurity has continued to attract growing venture capital and private equity dollars, as the number of cyberattacks has increased significantly around the world. Among the notable names that have raised multi-million-dollar funding rounds in the API security space, over the last two years, include Noname Security, Salt Security, Traceable, and Cequence.

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From the short to medium-term perspective, TechInsight360 expects more venture capital and private equity funding to enter into the API security market, thereby driving the competitive landscape in the global market. Furthermore, as the demand for API security continues to grow among businesses, due to the growing threat of cybersecurity, TechInsight360 projects more innovative startups to launch their platforms and services over the next three to four years.

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