Quick Heal Technologies said it is investing $2 million in an Israeli cybersecurity startup L7 Defense specializing in Application Program Interface (API) Security and Next Generation Web Application Firewall (NG-WAF).
L7 Defense said it had completed a financing round of $4m, led by Germany-based TRUMPF Venture with participation from India-based Quick Heal technologies. The funds will be used to solidify its technological leadership, boost its marketing and business development activities, and extend its market reach.
The investment will allow for strategic alignments between both the companies and enable Quick Heal Technologies to expand its range of enterprise solutions under the ‘Seqrite' umbrella and introduce L7's flagship products in India and other regions in APAC and EMEA, said the company in a statement.
“L7 Defense has proven its unique capabilities in the area of API Security and NG-WAF, which led us to increase our investment further. Simultaneously, this move enables ‘Seqrite' to foray into application security and strengthen our solution stack to secure modern enterprises against the next-generation of cyber-attacks,” said Kailash Katkar, Managing Director and CEO, Quick Heal Technologies.
The company said that its efforts to invest in disruptive technologies that will shape the future of cybersecurity while supporting innovative startups. This is Quick Heal's third investment in the last 18 months. The company had recently invested in Singapore based wireless security startup Ray.
“This investment is strategic and will enable us to extend our technological leadership further, to increase our exposure, and gain further market awareness. We are thrilled and energized to have support from Quick Heal Technologies. This vote of confidence reinforces our resolve and motivation to become the API security leader in this extremely dynamic market,” said Yisrael Gross, Co-Founder, L7 Defense.
With rising cybersecurity cases, API security becomes critical for all major industries, including the financial, infrastructure, and energy sectors and industrial production that sees increasing adoption of smart factories.