Perimeter 81 Israeli cybersecurity company now valued at $1 billion, achieving it unicorn status after it raised $100 million to fund product development.
The funding round, led by B Capital, marked a jump in valuation from its last fundraise in August 2020, when the firm was valued at $200 million. Existing investor Insight Partners and ION Crossover Ventures also participated in the round.
Perimeter 81 offers network security solutions for the hybrid workforce on its cloud-based platform, including Zero Trust Network Access, Firewall as a Service, and VPN as a Service.
The raised funds will be invested in product development to achieve the company’s goal to build a secure platform that offers one-stop solutions for corporate network security, said Amit Bareket, co-founder and chief executive officer at Perimeter 81.
Bareket said, “With employees working remotely and businesses moving to the cloud, we’ve increased the team to build a platform where we’ll allow businesses from any size to build a secure corporate network over the internet without installing any physical infrastructure,”.
The company targets medium-sized enterprises with lesser than 5,000 employees, Perimeter 81 has emerged as the top player in Zero-Trust Network Access services in which firm have been investing more to accommodate remote working needs during the pandemic, as traditional on-premises firewalls are becoming less relevant.
The cyber security company now has its offices in New York and Los Angeles with around 2,400 global customers across various industries, including IT distributor Ingram Micro and telehealth firm Hims & Hers, with major part of its revenue coming from the United States.
