Bright Security hopes to use the funding to hire more employees across its engineering, sales, and marketing teams. Here are the top-line bullets you need to know.
Bright Security, an API security testing company, has raised $20M in a Series A. The round drew participation from Evolution Equity Partners, DNX Ventures, Fusion Fund, and Incubate Fund, among others.
HOW’S THE COMPANY PERFORMING?
- Israel-based Bright Security (formerly NeuraLegion) provides AI-powered tools that help enterprises identify web application vulnerabilities.
- The platform caters to 4K+ organizations, including BDO, ZoomInfo, Nvidia, and PremFina.
- The company has a team of 68 people operating from offices in Tel Aviv, San Francisco, London, and Sarajevo.
Source: Bright Security
WHY DOES THE MARKET MATTER?
- The global application security market is expected to reach a value of $33.9B by 2030, growing at a CAGR of 18.7%, according to Allied Market Research.
- More broadly, funding to cybersecurity companies reached an all-time high of $28B in 2021, with early-stage (seed/angel and Series A) startups attracting more than half of all cyber deals.
- The acceleration of digital trends has left companies more dependent on technology than ever, opening the door to more frequent and devastating cyber attacks. The growing number of complex attacks and the need for secure networks in hybrid (online-offline) environments are fueling the market’s growth.
