Kasada, a web traffic security solution, has scored $10m in its Series B round as it looks to bolster its growth in the US.
The lead investor of the round was Ten Eleven Ventures, with additional contributions coming from Main Sequence Ventures and Reinventure, the venture capital division of Westpac.
With the equity boost, the cybersecurity company plans to increase its US expansion and the development of new products.
While the coronavirus is putting uncertainty on the financial future of many businesses, Kasada claims it has seen a revenue growth of 200% during Q1 2020.
Founded in 2015, Kasada offers a tool designed to combat data scraping and boost API security in the e-commerce, financial services and hospitality sectors.
The platform detects and mitigates malicious bot traffic which other methods are unable to find, better defending websites, mobile apps and APIs from account takeovers, data-scrapping or other attacks.
The company was established in Australia bu made the move to the US in 2019, when it opened a US headquarters in New York.
Kasada founder Sam Crowther said, “Kasada’s solution invisibly foils even the most pernicious and often unsuspected cyber traffic problems, while preserving an effortless customer journey. Many companies use CDN or WAF, or legacy cybersecurity vendors to protect against malicious automation.
“When we entered the market, the norm seemed to be incomplete, inefficient, easy-to-detect tools that are not only inadequate, but also costly to deploy and maintain, as well as adding friction and latency to the user experience.”
In line with the deal, Ten Eleven’s managing partner Alex Doll has joined the Kasada board of directors.
The company raised $7m in its funding round back in 2019, from investors including In-Q-Tel.
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