Cybersecurity firm Perimeter 81 hits unicorn status with $100 mln fundraising

Hims

06/06/2022 03:55

By Krystal Hu
    June 6 (Reuters) - Perimeter 81 said on Monday its backers
now value the Israeli cybersecurity company at $1 billion,
giving it unicorn status after the firm raised $100 million to
fund product development.
    The round, led by B Capital, marked a jump in valuation from
its last raise in August 2020, when the company was valued at
$200 million. ION Crossover Ventures and existing investor
Insight Partners also participated in the round.
    Perimeter 81 offers secure network 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 four-year-old company, which is not yet profitable, said
it has more than doubled its annual recurring revenue
year-over-year, and is on track to generate tens of millions of
dollars in revenue this year.
    The fresh capital will be invested in product development to
help achieve the company's goal to build a platform that offers
one-stop solutions for corporate network security, said Amit
Bareket, co-founder and chief executive officer at Perimeter 81.
    "With employees working from anywhere and businesses moving
to the cloud, we've doubled down 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," Bareket said.
    The Tel Aviv-headquartered company, which initially
targetted medium-sized enterprises with fewer than 5,000
employees, has quickly emerged as the top player in Zero-Trust
Network Access offering, an area companies have been investing
more to accommodate remote working requirements during the
pandemic, as traditional security appliances like on-premises
firewalls are becoming less relevant. 
    Perimeter 81 now has offices in New York and Los Angeles.
The company claims to serve about 2,400 global customers across
industries, including IT company Ingram Micro and telehealth
firm Hims & Hers, with more than half of its revenue coming from
the United States. 
    

 (Reporting by Krystal Hu in Toronto; Editing by Sherry
Jacob-Phillips)
 ((Krystal.Hu@thomsonreuters.com;))