CHEQ, an Israeli cyber security startup, is just the latest new firm to come out of Startup Nation that has joined the elite Unicorn Club. The company hit the $1 billion valuation mark when it raised $150 million in a Series C round led by Tiger Global.
This makes CHEQ the third Israeli startup to join the unicorn club so far in February alone. It joins Cloudinary, an Israeli digital image and video startup. The company achieved the coveted unicorn status after a $100 million investment from Blackstone Growth gave the company a $2 billion valuation. And API security company Salt Security, which hit a to $1.4 billion valuation after raising $140 million in a Series D.
Founded in 2016 by CEO Guy Tytunovich, Chairman Ehud Levy and CTO Asaf Botovsky, graduates of the Israeli Military Defense Intelligence, CHEQ boasts that it is bringing cybersecurity solutions to CMOs and Marketing teams, protecting their customer acquisition efforts from bots, fake users and other forms of invalid traffic. Intel explains that Complementary metal-oxide-semiconductor (CMOS) is a small amount of memory on a computer motherboard that stores the Basic Input/Output System (BIOS) settings. The BIOS is the software stored on the memory chip on the motherboard. It instructs the computer on how to perform a number of basic functions such as booting and keyboard control. The BIOS is also used to identify and configure hardware in the computer.
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CHEQ explains that 40% of all web traffic is made up of bots and invalid users. This affects Go-to-Market efforts by hurting marketing efficiency, disrupting on-site conversion efforts and skewing data and analytics.
CHEQ CEO Guy Tytunovich said that he is most proud of the fact, as he exclaims it to be, that almost every business that uses a GTM Security tool nowadays is using a CHEQ product. “For instance, about 95% of businesses who use a Click Fraud Prevention tool nowadays are using our ClickCease product (as can be verified on platforms like BuiltWith.com), and that number is growing,” he said. “Why is that the case? Because we work around the clock to build products that generate strategic value for our customers, that value has become an absolute ‘must have’ for them.”