Israeli cyber startup Salt Security, which develops smart algorithms for API protection, announced a $30 million Series B funding round. The investment was led by Sequoia Capital, with participation from S Capital, Tenaya Capital, and Y Combinator.
“Prevent tens of thousands of attacks”
Providing the only patented API security solution for every stage of the API life cycle, Salt Security’s AI algorithms don’t require network customization, whereas they enable real-time detection of API attacks at the earliest of stages. The detection is based on behavioral analysis during the early stages of the attack, which Salt’s platform jumps in to prevent before financial or technical damage occurs.
Once implemented, the platform identifies and interfaces with every API application that you use and also to those that you don’t use, so as to cover all potential blind spots and help meet GDPR regulations. The company claims that its cyber-service is deployable within less than 8 minutes and without the need to customize network configurations.
In a conversation with Geektime, CEO Roey Eliyahu says that today, Salt’s system secures thousands of APIs: “We see daily attacks, and estimate that we have helped prevent tens of thousands of attacks to date.” When asked about the next product development stage, Eliyahu said that “our vision for building the ultimate platform for API defense demands extensive development and the round definitely helps accelerate that.”
This is the company’s second funding round in the last six months, with Salt Security raising $20 million in June, and now seeing one of the top American VCs leading the way. “In the emerging API security space, Salt Security has shown its leadership by being first to market and offering the most advanced solution—ultimately, making it the type of outlier company that Sequoia loves to partner with,” said Carl Eschenbach, Partner, Sequoia.
"In our rapidly shifting world of digital transformation, API-first strategies are a priority," said Michael Montoya, CISO, Equinix. "The security landscape is shifting to APIs, and Salt Security is on the cutting edge of enterprise security strategy. As our API economy gains momentum, we look forward to working with Salt Security to secure our digital transformation.”
Eliyahu notes regarding the round that “we didn’t need the money, all of last round’s cash is still in the bank.” He adds that the money is targeted for expansion “we’re building a massive team, and we saw the opportunity to accelerate our growth, cement our market lead, and add strong partners like Sequoia.” Eliyahu also confidently notes that the company is on its way to Unicorn status. When will it happen? Eliyahu tells that “keeping current growth, we'll hit Unicorn status in 2-3 years."
Salt Security was founded in 2016 by Eliyahu and COO Michael Nicosia. The company’s 50 employees are split between the U.S. offices and the Tel Aviv R&D center. Counting this round, Salt has doubled its total capital raised - $60 million.