Client-side web security provider Source Defense this week announced raising $10.5 million in a Series A+ funding round.
Founded in 2014, the company provides a website security solution aimed at delivering real-time protection against attacks originating at website supply-chain vendors.
The company says it can keep sites safe from third-party scripts such as Magecart and Formjacking attacks, thus helping businesses and government organizations alike avoid interruptions.
The company’s VICE Client-side Web Security Platform leverages machine learning and industry best practices to deliver a fully automated solution to control access and permissions of various dynamic components on a website.
Source Defense says it will use the new funding to accelerate growth and improve its platform to better meet growing demand on the market.
Over the past 12 months, its sales more than tripled, and the company expanded its research and development team, established partnerships, and added more people to its executive team.
“The demand for combining premium online shopping experience with the state-of-the-art security controls has proved an urgent need for our solution,” said Source Defense CEO Dan Dinnar. “Our success with several Fortune 500 companies, including a most recent deployment at a Fortune 50 company is proof of the value we can provide industry leaders, in view of rampant activity by attackers.”
The new funding round added Capital One Ventures as an investor, but also saw participation from existing investors JVP, Allegis Cyber, Global Brain, and NightDragon.
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