Perimeter 81 announced that it has completed a $40 million Series B round led by Insight Partners. The financing will help support Perimeter 81’s rapid growth and accelerate the company’s hiring and development, furthering its disruption of the traditional VPN and Firewall markets.
Perimeter 81 simplifies network security for the modern and increasingly remote and mobile workforce. Since its 2018 inception, the company has emerged as a leader in Secure Access Service Edge (SASE), growing over 400% in annual recurring revenue year-over-year.
Perimeter 81 has previously raised $25 million from its seed investor Spring Ventures led by Aviv Refuah, and Series A investors SonicWall and Toba Capital. Three rounds of funding were completed in under eight months as a result of the high demand for the company’s solutions and exponential customer growth across all major geographies.
“With COVID-19, we witnessed an incredible surge in the demand for our services as the transition to remote work — which occurred virtually overnight — illuminated the need for companies worldwide to depart from their legacy hardware-based security and fully embrace a holistic, cloud edge network,” said Perimeter 81 co-founder and CEO, Amit Bareket.
“We are thrilled that Insight Partners embraces our vision and shares our belief in the importance of forever transforming the way organizations are consuming cyber and network security.”
“We’ve had a long relationship with Insight Partners and have always been closely aligned on the significance of strong SaaS offerings and the value they bring to the market,” said co-founder and CPO, Sagi Gidali. “We are confident that in working together, we can continue to develop highly innovative network security solutions and further disrupt this industry.”
Named a Deloitte Technology Fast for EMEA and a Gartner Cool Vendor, Perimeter 81 has gained immediate market traction and quickly acquired close to 1,000 customers — including Fortune 500 companies and some of the most prominent organizations in government, entertainment, technology and AI.
“Over the last few months, companies globally have been forced to initiate a distributed workforce model with the need for employees to securely connect to their company’s network and online resources,” said Thomas Krane, Principal at Insight Partners who will be joining the Perimeter 81 board.
“Perimeter 81 has successfully solved this challenge by bringing the security requirements of Fortune 500 companies into an accessible cloud-based platform suited for the remote workforce. We are thrilled to continue our commitment to the Israeli cyber ecosystem and partner with Amit, Sagi, and the rest of the team on the next phase of their ScaleUp journey.”
Perimeter 81’s user-centric and highly intuitive Secure Network as a Service enables businesses to more easily secure access to local network resources, cloud environments, and business applications. It also offers user and branch internet security, branch interconnectivity and endpoint security.
In February 2020, Perimeter 81 unveiled a new Secure Access Service Edge (SASE) platform that combines its Network as a Service offering with advanced cloud security capabilities from SonicWall.
This collaboration is consolidating a variety of essential networking and security tools into a single platform, eliminating tool sprawl and providing a one-stop-shop for cybersecurity services. Perimeter 81 has launched DNS Filtering, and with SonicWall, will continue to roll out security features to customers throughout 2020, starting with FWaaS.
The company is rapidly expanding, hiring for multiple positions across its Sales, Marketing and R&D teams, and is opening a new office in California.