2019 was a banner year for Perimeter 81 as we introduced and launched the second version of our Zero Trust solution, Zero Trust Application Access. Additionally, we were selected by Gartner as a Cool Vendor in Network and Cyber-Physical Systems Security and named a Deloitte Technology Fast 500™ rankings for EMEA.
As we are nearing the end of 2019, we are thrilled to share that we have recently announced a new round of funding of $10 million dollars. This round was led by our new partner SonicWall, a Francisco Partners portfolio company, together with Spring Ventures, and our existing investors. This latest round of funding will help us to deliver more security and network features for our customers and accelerate the growth of our company.
This is the latest move in a year of exponential growth for Perimeter 81. Since we have launched in February 2018, we have already seen 400% year over year revenue growth, expanding from 180 businesses using Perimeter 81 to 500 in the past ten months alone. More than 81% of Perimeter 81’s customers use it as their secure corporate network and not only as Zero Trust Access, replacing the need for a Business VPN.
Co-Founders Amit Bareket and Sagi Gidali
Why Perimeter 81 is Partnering with SonicWall
Over the past year, we have consistently received great feedback from our customers about the different changes and updates that we were making in our platform, including requests for more security features. We listened to your feedback and requests and today we signed a new partnership with SonicWall in order to create this holistic solution.
This partnership comes at a critical juncture in the network security space. With cloud and mobility solutions changing the way we work, we are seeing an increasing number of employees working on the go. This is driving a need to shift from a dated site-centric security model to a more cloud user-friendly, service-based platform. Perimeter 81 is one of the only vendors offering a comprehensive set of converged secure network capabilities, delivered and managed from its multi-tenant cloud.
When we created our Network as a Service solution, we made it possible to easily offer security solutions on top of our existing platform. We knew right away that we wanted to partner with a strong security player to make that happen, which is why we chose SonicWall. In our OEM agreement with SonicWall, we will be integrating their advanced security solution into our secure Network as a Service platform which will create a unified network & security platform that will be a one-stop-shop for network and security offerings as a service. Among the security features that we will be integrating are secure gateways, network policies rules, IPS, Sandboxing, application control and more.
Now with the security features embedded into our platform, customers will be able to consume Zero Trust access to internal resources, user and branch internet security, branch interconnectivity and endpoint security all in one place. This new perimeter-less and unified network and security platform will revolutionize the way companies consume network security solutions, allowing companies of any size to replace the traditional and perimeter-based network security services with a cloud and service-based solution. The advanced security features are expected to launch during the second half of 2020.
New Partnership Leads The SASE Market
Cloud and mobility solutions are changing the way we work; the internet today is fast and connectivity is everywhere. It is becoming more common to employ mobile workers from anywhere in the world causing the need for a shift from the outdated site-centric security model to a cloud-friendly service-based platform. Traditional network security, a market of tens of billions of dollars will go through disruption in the next 5 years, due to cloud and mobility, in favor of cloud-based services.
With our new partnership with SonicWall, we will have integrated the different security features and strengthen our current offering, helping us to create one of the strongest Secure Access Service Edge (SASE) model offerings in the network security space. SASE was recently named by Gartner as one of the most promising emerging technology in enterprise networking. The relatively new technology is still in early adoption stages with less than 1% of organizations adopting the new model. However, we will see the adoption rate by organizations grow in the upcoming years.
Perimeter 81 is one of the first vendors with SASE model capabilities to build out a comprehensive set of converged secure network capabilities, delivered and managed from its multi-tenant cloud, allowing companies of all sizes to access to an enterprise-grade network security solutions as a service.
Moving Forward to 2020 and Beyond
The latest financial investment and partnership will enable us to create and develop new features and solutions that will revolutionize the way cyber and network security is consumed moving forward. In the coming months, we will be launching new security features and product updates, creating a unified platform for secure network, cloud and application access for the modern and mobile workforce.