Israeli network security company for enterprises with remote workforces Perimeter 81 announced today that it has completed a $40 million Series B financing round. The round was led by Insight Partners at a company valuation of $160 million before money, and with the participation of previous investors Spring Ventures led by Aviv Refuah, Toba Capital and SonicWall. Last May’s financing round was completed at a company valuation of $100 million and to date the company has raised $65 million including $60 million over the past year.
Perimeter 81 was founded in 2018 by CEO Amit Bareket and CPO Sagi Gidali, both graduates of the IDF Intelligence Corps, who also founded SaferVPN, which developed popular VPN services. The company was sold to J2 for several million dollars.
The company has 85 employees including 50 in Tel Aviv and the remainder in New York. Perimeter 81 now intends opening an office in Los Angeles and hiring 25 more employees including 15 in Israel.
The company says that its Secure Access Service Edge (SASE) and Network as a Service provider solutions disrupt the firewall and VPN markets and generate millions of dollars in revenue, which is up 400% year-on-year.
Gidali told “Globes,” “When we founded the company in 2018 we identified two trends: the shift by companies to to cloud infrastructures and employees who work not only in the office but from everywhere. The significance is that the physical servers are not suitable for today’s workforce.”
These two trends have accelerated rapidly since the coronavirus pandemic broke out in March.
Bareket said, “With Covid-19, we witnessed an incredible surge in the demand for our services as the transition to remote work – which occurred virtually overnight – illuminated the need for companies worldwide to depart from their legacy hardware-based security and fully embrace a holistic, cloud edge network.”