Perimeter 81, an Israel-based network security software provider backed by cybersecurity software producer SonicWall, closed a $40m series B round on Tuesday led by growth equity firm Insight Partners.
Founded in 2018, Perimeter 81 has created a cloud software platform intended to take over from hardware-based network security systems, helping businesses control access to its IT network.
The funding will support the company’s growth as it seeks to increase headcount on its sales, marketing and research and development teams. It also plans to open a second US office in California.
Amit Bareket, Perimeter 81’s co-founder and CEO, said: “With Covid-19, we witnessed an incredible surge in the demand for our services as the transition to remote work – which occurred virtually overnight – illuminated the need for companies worldwide to depart from their legacy hardware-based security and fully embrace a holistic, cloud edge network.
“We are thrilled that Insight Partners embraces our vision and shares our belief in the importance of forever transforming the way organisations are consuming cyber and network security.”
The startup said it has now raised $65m altogether, including a series A round that closed at $14.5m in March 2020 with a second tranche led by Toba Capital. The $10m first close was led by SonicWall and included existing backer Spring Ventures and unnamed angel investors.
