This news comes on the heels of its Series C round. It plans to use the funding to accelerate product development and hire more talent. Here are the top-line bullets you need to know.
Perimeter 81, a provider of zero trust network access (ZTNA) and security service edge (SSE) solutions, has raised $100M in a Series C. The round drew participation from B Capital, Insight Partners, Entree Capital, and Spring Ventures, among others.
How’s the company performing?
- Israel-based Perimeter 81 helps decentralized, hybrid organizations simplify network security.
- The company has reportedly more than doubled its annual recurring revenue (ARR) year-over-year.
- It currently caters to over 2.5K customers, including Postman, Kustomer, Meredith, Trustpilot, Cognito, Superdata, and Pollinate.
- Perimeter 81 is supported by a team of over 250 employees and has offices in Tel Aviv, New York, and Los Angeles.
Source: Perimeter 81
Why does the market matter?
- The global cloud security market is expected to reach $77.5B by 2026, growing at a CAGR of 13.7%, according to Markets and Markets.
- The increased adoption of cloud computing as well as the rise of more sophisticated cyberattacks have contributed to market growth.
- Ransomware attacks rose 13% this year and external attacks represented 73% of security breaches in general, according to Verizon’s 2022 Data Breach Investigations Report.
- The acceleration of digital transformation initiatives amid the pandemic drove up cloud computing adoption, which has increased the demand for cloud security solutions.
