Signal Sciences raises $15m in series B round and launches ‘new category’ of web app security
Signal Sciences, a California-based security engineering provider, has raised $15 million (£11.6m) in series B funding as well as launching what it describes as a ‘new category’ of web application security solutions.
The Web Protection Platform (WPP), designed by former Etsy engineers and security leaders, aims to provide comprehensive threat protection for web applications, microservices, and APIs on any platform. Though building web apps is an essential and core part of every business, the industry has yet to find a way to secure the modern development process as it evolves and move forward, the company argues.
A survey shows nearly 2,300 IT professionals, more than 50% of respondents view security as an inhibitor to DevOps agility. Legacy web application security technology, such as web application firewalls (WAF), cannot keep up with today’s modern-day complex applications that severely limit the speed at which a business can operate and grow.
The legacy WAF market is under delivering, Signal Sciences adds. DevOps, agile and cloud have created a huge innovation opportunity, contributing to the rapid growth experienced by Signal Sciences and its success with leading brands, including Under Armour, Etsy, Yelp, WeWork, Tenable, and Duo Security, among many others.
In a key indicator of the solution’s effectiveness, 95% of customers have Signal Sciences installed live in production with automated blocking enabled, a radical improvement over traditional legacy WAF installations averaging approximately 10–15% in any level of blocking. “Security continues to slow down the adoption of DevOps and cloud as it grasps for solutions to these new business imperatives. We are changing that,” said Andrew Peterson, CEO and co-founder of Signal Sciences.
The funding round, which was led by CRV, will help the company to aggressively scale to meet growing customer demand for its disruptive new technology.
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