Enterprise API security startup Noname Security raises $135M on $1B valuation

SECURITY

Enterprise application programming security startup Noname Security today announced it has raised $135 million in new funding to fund the global expansion of its go-to-market and research and development teams.

Georgian and Lightspeed led the Series C round. Also participating in the round were Insight Partners, Cyberstarts, Next47, Forgepoint and The Syndicate Group.

The round was raised on a $1 billion valuation, making Noname Security the first API security company to hit unicorn status. Including the new funding, the company has raised $220 million to date, including a round of $60 million in June.

Founded in 2020, Noname Security offers a holistic security platform that allows enterprises to see and secure managed and unmanaged APIs. Designed to “eliminate API blind spots,” the company’s platform is aimed at protecting enterprises from data leakage, authorization issues, abuse, misuse and data corruption.

Noname Security’s platform includes support for discovery and analysis through remediation and testing, covering every aspect of API security. The platform creates a complete inventory of an organization’s APIs, then uses artificial intelligence and machine learning to detect attackers, suspicious behavior and misconfiguration.

API vulnerabilities are remediated through integration with existing security infrastructure and blocking attacks in real-time without deploying agents or network modifications. The service integrates seamlessly with clouds, on-premises environments and other security and information technology management tools.

In the 12 months since launching, Noname Security has seen customer and revenue growth of more than 400% each quarter. Its customers include two of the world’s largest pharmaceutical firms, one of the top three largest retailers and one of the world’s largest telecoms.

Noname Security says that it is actively working with 20% of the Fortune 500 and has discovered and remediated misconfigured APIs that would have led to the data leakage of billions of sensitive records. The platform now actively blocks more than 1,000 attacks per day across its customers.

Recent highlights include the launch of the global Unnamed Partner Program, which has more than 70 value-added resellers, channel partners, technology partners, system integrators, distributors and managed security service providers.

“Enterprises across all industries are experiencing widespread digitization, accelerating the adoption of thousands of new APIs and the critical need to secure them for businesses on a global scale,” Oz Golan, co-founder and chief executive officer of Noname Security, said in a statement. “We will continue to expand our industry-leading technology to help our customers mitigate the risk of deploying APIs.”

Image: Noname Security