The web application security company Signal Sciences has raised $35 million in Series C funding. The round was led by Lead Edge Capital, with participation from existing investors CRV, Index Ventures, Harrison Metal and OATV. The company said that the new funds will be used for market expansion and product innovation to meet customer demand for WAF and Runtime Application Self Protection (RASP) solutions.
Signal Sciences provides next-gen WAF and RASP solution that enables enterprises to shift to cloud and DevOps. The company’s solution provides the coverage against real threats and attack scenarios as well as integrations into DevOps tools, such as Slack, JIRA, PagerDuty, and Datadog, among many others, that enable engineering and operations teams to share security responsibility.
According to Andrew Peterson, CEO, Signal Sciences, the company is doubling down on engineering innovation and partnerships to deliver maximum security value for to customers as well as expanding key areas of our business to drive continued growth.
Signal Sciences also announced that Lorrie Norrington, an Operating Partner at Lead Edge Capital and the former President of eBay and former Lead Board Director of Duo Security, has joined company’s Board of Directors.
“It’s impressive to see Signal Sciences transform the applications security market,” said Norrington. “The skyrocketing numbers in the web app security market shows the urgent need for better protection in today’s dynamic threat landscape, and Signal Sciences has set a new standard with automation and integrated technology that excels at digital speed and enterprise scale. This is what market-changing technology looks like, and it’s providing the protection for business-critical apps that companies need today. We’re thrilled at the opportunity Signal Sciences presents and are excited to see strong innovation in its next-gen product.”
“Companies are prioritizing better ways to protect the applications that power their business,” said Scott Crawford, Research Director at 451 Research. “According to 451 Research’s Voice of the Enterprise Digital Pulse: Budgets and Outlook 2018 Study, security is one of top two areas of enterprise IT budget increase among enterprises, while application security is seeing the largest proportion of security budget increase year-over-year.”
“Signal Sciences in particular seeks to disrupt a market for operational application protection that is ripe for new approaches. Signal Sciences has demonstrated a distinctive approach that is responsive to changes in the marketplace, while showcasing an impressive roster of customers, and is well positioned to benefit from these trends,” added Crawford.
Signal Sciences said that its patented architecture provides security, operations and development teams with the visibility, security and scalability needed to protect against the full spectrum of threats their web applications now face.
Signal Sciences is used in fully automated blocking mode by a stunning 95 percent of customers, including Under Armour, Adobe, Datadog, One Medical, WeWork and many others, eliminating the learning, tuning and complexity required from legacy WAF solutions, claimed the company.