Feroot Security announced the closing of $11 million in seed funding led by True Ventures. The funds will be used to meet growing customer demand for client-side security solutions by accelerating product development and go-to-market initiatives.
“A shocking 98% of websites use forms to collect personal and financial data from customers,” said Ivan Tsarynny, Feroot co-founder and CEO. “Threat actors are starting to gain higher ROI from attacking unprotected client-side applications as compared to traditional server-side attacks. In order to meet the increased demand for our client-side security products we needed to find a great partner with deep experience in helping early-stage cybersecurity startups grow.”
Tsarynny and Vitaliy Lim, co-founder and CTO, received investment offers from multiple high-profile venture capital organizations and chose True Ventures as their growth partner.
“As interfaces are built in an increasingly distributed way, security challenges have only become harder to tackle,” said Puneet Agarwal, partner at True Ventures. “Ivan and Vitaliy represent a new breed of security entrepreneurs protecting these exposed surface areas. We’re thrilled to partner with them and to support their efforts in protecting user data.”