Kasada, a CyberTech company protecting companies from advanced bot attacks, has secured $23m in its Series C funding round.
The round was led by StepStone Group, with commitments coming from previous Kasada backers Ten Eleven Ventures, Main Sequence Ventures, Reinventure, Our Innovation Fund and Turnbull & Partners.
With the capital, Kasada hopes to bolster its sales in the US and hire more staff for its development, support, and marketing departments.
The company claims two-thirds of companies have experienced more frequent bot attacks over the past couple of years. A big problem facing businesses is that first generation anti-bot defences are no longer able to stop attacks.
Kasada takes a different approach to bot mitigation. Its technology provides immediate and long-lasting protection by frustrating and striking back at attackers. It stops automated attacks in real-time, before they can enter the organisation’s infrastructure.
Through its machine learning technology, the platform can adapt to new risks and threats, unlike first generation service, it claims.
The CyberTech company protects over $20bn in e-commerce annually and stops more than five billion monthly requests missed by legacy systems, it claims.
Kasada founder and CEO Sam Crowther said, “Businesses are tired of bot mitigation solutions that are difficult to operate, time-consuming to maintain, and cannot keep up with the latest tools bot operators use.
“At Kasada, we’ve set out to make application security much easier to implement and use, while also improving its effectiveness. We’ve ensured that security doesn’t get in the way of the customer experience, by eliminating friction such as CAPTCHAs that hurt online conversions – and your brand.”
With the close of the round, the company has raised a total of $39m in funding. The company previously raised $10m in its Series B round in June 2020 and since then it has grown its revenue by 230%. Over notable milestones, include expanding its customer base by over 80% and increased overall headcount by 140%.
It achieved this growth by expanding its go-to-market capabilities and capitalising on demand in the US market.
Copyright © 2018 RegTech Analyst
