Three years ago we made our first investment in ThreatX. Since then, the importance of API protection has become increasingly critical. ThreatX is a single platform built from the ground up to address inherent shortcomings in traditional and legacy WAFs. This comprehensive coverage enables increased security while decreasing complexity and overhead.
“We are excited to have participated in ThreatX’s recent $10M round. This financing is an important step forward in recognizing the vision that Bret and Andrew had to dynamically protecting web applications from unwelcome hackers. We could not be happier with the progress the company has made over the last three years since we initially invested and look forward to working with Gene, Bret, Andrew and the rest of the ThreatX team to build a truly important company. Congrats to the team on the next level of growth!” – Frank Mendicino, Managing Partner
ThreatX Raises $10 Million; Extends Attacker-Centric Security Platform
Provider of best-in-breed web application and API protection insulates critical business infrastructure from cybersecurity threats
Denver, CO, – June 15, 2021 – ThreatX, the leading web application and API protection (WAAP)
platform, today announced it has raised $10 million in funding led by .406 Ventures. Existing investors,
Access Venture Partners and Grotech Ventures, also participated in the round, providing ThreatX with
capital to continue strengthening its dominant position in the next-generation web application security
market.
ThreatX will use the capital from this investment round to:
- Accelerate business on all fronts and increase revenue by 150% in 2021.
- Enhance its robust worldwide sales engine to further penetrate existing markets and expand into new vertical segments.
- Strengthen its fully-managed WAAP services team to offer clients the application security expertise necessary to combat adversaries.
- Grow its engineering team to continue to develop innovations that keep its top-rated WAAP platform ahead of the competition.
- Expand its US operations by establishing a presence on the East Coast with a new office in Boston.
“Web applications and APIs are under constant assault by highly sophisticated threat actors and
techniques,” said Greg Dracon, Partner, .406 Ventures. “Any downtime or data loss experienced as a
result of an attack can be crippling to a company’s bottom line and reputation. ThreatX has redefined a
market originally built to address simple and predictable threats. Uniquely architected to block modern
attacks based on adversary behavior, the ThreatX platform protects against a multitude of application
security challenges and provides full-lifecycle, real-time coverage. We are proud to be a catalyst to help
fuel ThreatX’s continued success.”
Dracon will join the ThreatX board of directors, bringing with him over 25 years of cybersecurity-focused
venture investing, as well as technology operating and management experience.
“We are bullish about our next phase of growth, made possible through the support of new and existing
investors. This funding is a testament to ThreatX’s consistent track record of innovation and dedication
to our customers,” said Gene Fay, CEO, ThreatX. “The ThreatX WAAP platform combines dynamic web
application and API security into a single platform, providing actionable insights to reduce vulnerabilities
and prevent future attacks.”
Web applications are the top hacking vector in breaches1. According to Gartner, “By 2023, more than
30% of public-facing web applications and APIs will be protected by cloud web application and API
protection (WAAP) services, which combine distributed denial of service (DDoS) protection, bot
mitigation, API protection and WAFs. This is an increase from fewer than 15% today.”
ThreatX is poised to take advantage of this massive market opportunity. The company’s WAAP platform
uses an attacker-centric approach to block threats often missed by legacy WAFs and addresses the vast
gap in the protection of web apps and APIs to ensure that critical infrastructure is protected, and
businesses continue to run.
About ThreatX:
ThreatX’s web application and API protection (WAAP) platform makes the world safer by protecting web
applications and APIs from all threats, including DDoS attempts, BOT attacks, API abuse, exploitations of
known vulnerabilities, and zero-day attacks. Its multi-layered detection capabilities accurately identify
malicious actors and dynamically initiate appropriate action. ThreatX effectively and efficiently protects
web applications and APIs for companies in every industry across the globe. For more information,
visit: https://www.threatx.com/
