Next47, a corporate venturing subsidiary of industrial equipment and appliance producer Siemens, contributed to a $60m series B round for US-headquartered API security platform operator Noname Security on Wednesday.
Private equity and venture capital firm Insight Partners led the round with backing from ForgePoint Capital, The Syndicate Group, Cyberstarts and Lightspeed Venture Partners.
Noname has built an online platform used by businesses to detect and resolve vulnerabilities in the security of application programming interfaces (APIs) and protect them from cyberattacks. It has secured 40 customers so far including a number of Fortune 500 companies.
Oz Golan, co-founder and chief executive of Noname Security, said: “Noname monitors the relationships and flows of information between all internal and external APIs.
“By discovering and analysing everything in real-time, it protects the entire environment throughout the API lifecycle before something goes wrong, whether it is a threat from the outside or an internal error.”
The series B round increased the company’s overall funding to $85m. It emerged from stealth in December 2020 with $25m of funding from Lightspeed Venture Partners, Insight Partners and Cyberstarts.