Perimeter 81 gains unicorn status after US$100mn Series C

Cyber security company Perimeter 81 has completed a US$100mn Series C funding round, which was led by B Capital, to reach a valuation of US$1bn. 

Having more than doubled its annual recurring revenue (ARR) year over year, Perimeter 81 will use the financing to help with accelerating the company’s growth, hiring, and development. 

“In working with our thousands of customers, we’ve found that ease of use and simplicity are paramount in successful security adoption. We are committed to helping companies secure all of their networks and users in an agile, cost-effective, and scalable way. With this new investment, we will continue to develop simpler, highly innovative network security solutions and further disrupt this industry,” said co-founder and CGO, Sagi Gidali.

Other participating investors include Insight Partners, Toba Capital, ION Crossover Ventures, Entrée Capital, and publicly-traded Spring Ventures. 

Securing the digital landscape 

Founded in 2018, Perimeter 81 aims to simplify network security for the modern hybrid workforce as an SSE leader with a platform that enforces a zero trust architecture, which became a federal strategy in the U.S. this year following President Biden’s Executive Order on Improving the Nation’s Cybersecurity.

An increasingly dangerous threat landscape has created heightened demand for cybersecurity solutions. According to Verizon’s 2022 Data Breach Investigations Report, network security is an urgent concern as ransomware rose 13% this year and external attacks account for 73% of overall breaches. 

“The rise of remote work, cloud adoption, fiber, and 5G has created a fundamental shift in the network security landscape, leading companies to replace their on-premises network and security appliances with a secure corporate network over the internet,” said Amit Bareket, Perimeter 81 Co-Founder and CEO, .

“B Capital and other investors embrace our vision to deliver holistic security that is purpose-built for a cloud-first, distributed workforce and share our belief that a secure corporate network over the internet transcends the traditional office environment and is the way of the future,” he added.

Providing security to an ever-changing workforce 

To securely empower the modern workforce, the company has built a platform that streamlines network security management and enables businesses to easily secure remote access, network traffic, and endpoint devices with its cutting-edge and cloud-delivered Zero Trust Network Access, Firewall as a Service, and Secure Web Gateway (SWG) offerings. 

“As the modern workforce has embraced remote capabilities in recent years, concerns around cybersecurity have grown as a major threat to businesses and organisations. Perimeter 81’s highly impactful offering, undeniable performance, and fully integrated solution has enabled about 2,400 businesses to secure their networks. We believe Perimeter 81 has a best-in-class ZTNA and SSE platform and we look forward to partnering with the team in its next phase of growth,” said Rashmi Gopinath, General Partner at B Capital.

Named a Forrester ZTNA New Wave Leader, Perimeter 81 gained immediate market traction and quickly acquired close to 2,400 customers, including Fortune 500 companies and some of the most prominent organizations in technology, finance, healthcare, retail, entertainment, and more as well as growing SMBs.