Application security startup Neosec this week emerged from stealth mode after closing a $20.7 million Series A funding round.
Co-led by CTO Ziv Sivan and CEO Giora Engel, the company received financing from New Era Capital Partners, True Ventures, TLV, and SixThirty, as well as from investors Gary Fish, Mark Anderson, Mickey Boodaei, Rakesh Loonkar, and Shailesh Rao.
Neosec says it leverages XDR (Extended Detection and Response) techniques such as precise behavioral analytics to identify bad APIs and keep threat actors away, offering a new approach to application security compared to traditional signature-based methodologies.
APIs are at the core of digital business, enabling innovation acceleration and faster software development, but their rapid adoption also makes them susceptible to manipulation and attacks.
With most enterprises unaware of what is being done within an API and many of them underestimating the risk, API abuse is expected to soon become a common attack vector for data theft or other types of malicious incidents.
Neosec aims to identify all APIs used within an organization, based on existing logs, to constantly maintain an inventory of APIs, and even generate documentation for previously unknown APIs. The platform also discovers APIs transferring sensitive data, any existing discrepancies, and vulnerable or misconfigured APIs.
“Existing technologies were not created to address the incredible exposure organizations now have through their APIs. We created an entirely new approach based on data analytics to provide a complete understanding of all API interactions. It is fully automated, SaaS delivered and able to protect increasing exposure through digital business,” Neosec’s CEO Giora Engel said.