Web traffic security solutions and services provider Kasada has completed a $10 million Series B funding round, bringing the total raised to date by the company to $26 million.
Founded in 2015 in Sydney, Australia, the company opened a New York office in 2019, and plans to use the funds to continue its expansion in the United States. Furthermore, Kasada says it wants to also invest in the development of new products.
The company claims that its U.S. expansion is already going great, with a 200% revenue growth experienced in the first quarter of the year, in spite of the COVID-19 pandemic affecting all sectors of the economy.
Kasada focuses on stopping automated attacks, but rather by undermining the economics of running a bot, instead of using conventional cybersecurity methods.
The company seeks to tackle what it believes to be one of biggest online business challenges, namely data-scraping, as well as API security, and claims that its solution is tailored for a broad range of sectors, including ecommerce, hospitality and financial services.
“Kasada’s solution invisibly foils even the most pernicious and often unsuspected cyber traffic problems, while preserving an effortless customer journey,” Kasada founder Sam Crowther said.
“Many companies use CDN or WAF, or legacy cybersecurity vendors to protect against malicious automation. When we entered the market, the norm seemed to be incomplete, inefficient, easy-to-detect tools that are not only inadequate, but also costly to deploy and maintain, as well as adding friction and latency to the user experience,” Crowther continued.
The funding round was led by venture capital specialist Ten Eleven Ventures, with participation from existing investors Main Sequence Ventures and Westpac’s venture capital arm, Reinventure.
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