Source Defense, an Israeli cyber security startup, secured $27 million in Series B funding led by new investor Springtide Ventures with all existing investors also participating. The company’s total investment to date is now $47 million.
Israel Startup Nation is best known for its cyber security firms, the biggest of which is Checkpoint. So Source Defense is in good company. This is in part because of the country’s security needs and the Israel Defense Forces’ special cyber security units. It also has to do with all of the brainpower that Israel Startup Nation is famous for having.
Already in April Coro, an Israeli cyber security startup that offers an artificial intelligence (AI) powered platform for mid-market organizations, hit a valuation of $500 million, halfway to unicorn status.
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Founded in 2014, Source Defense is a security and compliance platform for any website that collects sensitive data or is transaction-oriented. It addresses a ubiquitous gap in the management of third-party digital supply chain risk with a zero-trust model that extends security beyond the network to the client-side.
“Organizations spend a lot of time and effort to make sure their websites are well designed, coded, and performing before going live, yet so many of them know so little about what actually happens on their website once it leaves the server-side and reaches the visitor’s browser (client-side), even though it is one of their most important assets both financially and brand-wise,” said Dan Dinnar, CEO of Source Defense.
“Source Defense not only identified this as a major and growing issue very early on but partnered with some of the world’s largest and most trusted brands to put a real-time halt to any attempts at digital skimming, formjacking, clickjacking, ad injection, PII theft, and content defacement. We’ve done this in a way that none thought possible – with an easy to test solution, rapid deployment, and with virtually no additional security management burden. The urgency for addressing these attacks only grows – as evidenced by recent Gartner predictions that web application client-side protection will be a ubiquitously deployed part of security tech in the next few years.”