We are so proud to share the news that we have raised a Series B round of $40 million, led by a premier VC and private equity firm, Insight Partners with the participation of Toba Capital and our existing shareholders. The financing represents a giant leap forward in our efforts to simplify and modernize the way businesses consume cyber and network security.
It will help support our rapid growth and accelerate our hiring and development, it will further our disruption of the traditional VPN and Firewall markets and most importantly, it will allow us to create the best possible service for you, our valued customers and partners.
We’d like to take this opportunity to reflect on the past and look to the future — sharing the vision that has driven us so far, and our hopes and aspirations as we move forward.
Back in our early days as startup founders, when we were working part-time at large enterprises, we had to deal with outdated and complicated network technologies on a daily basis. These were the only choices available to securely access corporate resources. And while these tools were so critical to maintaining employee productivity, they were also incredibly difficult to use.
The first company we founded was a personal VPN service that allowed consumers to browse securely and privately over the public Internet. With this business, we were able to learn how to build highly scalable and global network infrastructure, as well as design a single-click cybersecurity product for the end-user.
During that time, we often reflected on our enterprise experiences. We believed that innovation in B2B network security was necessary and that we could apply what we learned from creating a service for consumers to create a much better experience for businesses. And so, Perimeter 81 was born.
Three years ago we noticed two key trends in the modern workforce: Cloud and Mobility. Many companies started to migrate their entire assets to cloud infrastructures and the employees — they were working from different locations across the globe. With that in mind, we understood the huge potential and immediate need for a change in the cybersecurity landscape.
We assumed that in the next 5 to 10 years there would be a complete digital work transformation, but in March of this year, everything changed in the blink of an eye. COVID-19 spread across the globe and as it evolved from an epidemic to a pandemic, it forced companies worldwide to send their employees home.
Many new clients came to us in need of a scalable and reliable network security solution. Their site-centric and hardware-based legacy VPN solutions had severe licensing restrictions, or they were simply too difficult to manage — no longer accessible with the new work-from-home reality.
In tandem, our current customers turned to us needing to rapidly expand their accounts, as it was no longer specific teams but rather, their entire organizations that were now reliant upon secure remote access in order to stay productive.
This major global event clearly demonstrated to us the significance and importance of our vision to bring network security into the 21st century, and deliver a ‘one-stop-shop platform’ to house network and security solutions as a service under one roof.
As we look at our current global reality, one truth is clear: the future of network security is now. We feel fortunate to have the support of such amazing investors that recognize this truth as well, and want to help us propel a necessary market transformation.
We are thrilled that Insight Partners embraces our vision and shares our belief in the importance of transforming the way organizations are consuming cyber and network security. We’ve had a long relationship with them and have always been closely aligned on the significance of strong SaaS offerings and the value they bring to the market.
This latest funding round will launch us forward as we build our complete SASE solution. With this platform, we aim to eliminate tool sprawl and consolidate fragmented legacy technologies — protecting businesses globally from large scale, and potentially devastating, cybersecurity breaches.
On a company level, to support our vision, we are rapidly growing our talented team and hiring for multiple positions across our Sales, Marketing and R&D teams in our Tel Aviv, New York and California locations.
We are confident that in working together with our committed investors, dedicated employees and our valued customers and partners, we can continue to develop highly innovative network security solutions and further disrupt the industry — driving a new path forward to securely enable and fully empower our modern, ‘work from anywhere’ society.
Best, Amit Bareket & Sagi Gidali, Perimeter 81 Co-Founders
For more information about our unique vision and SASE platform, click here.