Salt Security, a provider of API security solutions, has secured $70 million in Series C funding, led by Advent International, through Advent Tech, with participation from Alkeon Capital and DFJ Growth. Existing investors Sequoia Capital, Tenaya Capital, S Capital VC, and Y Combinator, the company announced Wednesday.
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Salt will use the funds to expand its global operations across R&D, sales and marketing, and customer success.
According to the most recent Salt Security State of API Security Report, in 2020, Salt customers' average monthly call volume increased 51% while malicious API traffic grew 211%. According to Gartner, Inc., "By 2022, API abuses will move from an infrequent to the most-frequent attack vector, resulting in data breaches for enterprise web applications."
The big data engine and AI and ML at the heart of the Salt C-3A Context-based API Analysis Architecture automates the continuous discovery of APIs and exposed sensitive data, stops API attackers during their reconnaissance activities, and delivers remediation insights. Needing no agents, software changes, or inline code, the patented Salt platform deploys quickly, with no impact on application performance, the company reports.
To date, Salt Security has raised $131 million, $120 million of it in the last year. In the past 12 months, Salt has driven 400% growth in revenue, 160% growth in employees, and 380% growth in the API traffic it secures.
"Several recent high-profile API security incidents have forced organizations to recognize that their existing protections cannot prevent API attacks or handle the scale and complexity of today's API-driven applications," said Roey Eliyahu, CEO and co-founder of Salt Security. "This new round of funding will help us increase our rate of innovation and businesses in more regions securely adopt APIs to foster their own innovation."
